Common use of Holdback and Final Payment Clause in Contracts

Holdback and Final Payment. ▇▇▇▇▇▇ may withhold and remit to Canada Revenue Agency any amounts required to be withheld and remitted pursuant to the Income Tax Act (Canada) and the regulations thereto. ▇▇▇▇▇▇ may retain as a holdback a percentage of the invoiced amount as is appropriate according to applicable tax legislation and construction lien legislation governing the Work site. Supplier may post a bond acceptable to ▇▇▇▇▇▇ in lieu of ▇▇▇▇▇▇ retaining a holdback. Supplier may invoice for final payment of all sums due to Supplier hereunder after acceptance in writing by ▇▇▇▇▇▇ of the completed Work, provided Supplier will have given to ▇▇▇▇▇▇ evidence satisfactory to ▇▇▇▇▇▇ that all privileges, liens, claims, obligations and liabilities against the property of ▇▇▇▇▇▇ or chargeable to ▇▇▇▇▇▇ have been fully paid, satisfied and released.