Payment of Retainage Sample Clauses

Payment of Retainage. District shall make payment of retainage applying to such Work or designated portion thereof after receiving all Close Out Documentation, an affidavit that bills for indebtedness connected with the Work for which District’s property might be encumbered have been satisfied; a certificate to indicate that insurance required by the Contract Documents shall remain in force after final payment is in effect and will not be cancelled or expire until thirty (30) days’ prior written notice is given to District and that Contractor knows of no substantial reason that the insurance will not be renewable to cover the period required by the Contract Documents; the consent of surety to final payment; and valid waivers of all construction lien claims, bond claims, and other claims by Contractor and each subcontractor in a form acceptable to District.
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Payment of Retainage. If at the expiration of the applicable warranty period, the Owner determines that the Contractor has faithfully performed all its obligations hereunder to the Owner’s full satisfaction, the Owner will certify the same to the Contractor within twenty (20) days after the expiration of the applicable warranty period. Within thirty (30) days of such certification, the Owner will pay, without interest, any Retainage retained by the Owner as security for warrantied Materials and Equipment and labor.
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Payment of Retainage. The Parties agree that Montreat shall be responsible for paying the amount of $110,000 to satisfy the remaining retainage on the Project. Montreat has deposited $110,000 with Fidelity National Title Company as escrow agent (the “Tennoca Funds”), with disbursement as set forth in the Escrow Agreement dated October 9, 2017 and attached hereto as Exhibit A (“Escrow Agreement”), in accordance with the following schedule:
Sample 1
Payment of Retainage. City shall make payment of retainage applying to such Work or designated portion thereof after receiving all Close Out Documentation, an affidavit that bills for indebtedness connected with the Work for which City’s property might be encumbered have been satisfied; a certificate to indicate that insurance required by the Contract Documents shall remain in force after final payment is in effect and will not be cancelled or expire until thirty (30) days’ prior written notice is given to City and that Contractor knows of no substantial reason that the insurance will not be renewable to cover the period required by the Contract Documents; the consent of surety to final payment; and valid waivers of all construction lien claims, xxxx claims, and other claims by Contractor and each subcontractor in a form acceptable to City.
Sample 1
Payment of Retainage. Commercial Operation Date of Unit 1, Contractor shall provide Owner with a Letter of Credit in the form acceptable to Owner and Lender issued from a financial institution acceptable to Owner and Lender attached hereto as Exhibit I-2 (the "Letter of Credit for Retainage"), in an amount equal to the product of the Contract Price multiplied by 0.025. Upon the issuance of this Letter of Credit, Owner shall pay to the Contractor a portion of the Retainage in an amount equal to the product of the Contract Price multiplied by 0.025. At Commercial Operation Date of the Plant, Contractor shall increase the Letter of Credit for Retainage by an amount equal to the product of the Contract Price multiplied by 0.025 (Total amount equal to the product of the Contract Price multiplied by 0.05). Upon issuance of the adjusted Letter of Credit for Retainage by the Contractor, the Owner shall pay to the Contractor a portion of the Retainage equal to the product of the Contract Price multiplied by 0.025. Owner shall have the unconditional right to draw upon such Letter of Credit for Retainage for (i) damages, (ii) compensation, (iii) the completion of Punch List Items if Contractor has failed to complete such Punch List Items, (iv) any reason set forth in under Article 11 and 15, or (v) any other purpose specified in the draw certificate to the Letter of Credit of Retainage. Within thirty (30) days after the Final Acceptance Date, Owner shall return the remaining amount of cash Retainage. At the end of twelve (12) calendar months and twenty (20) days of the Final Acceptance Date, Owner shall return the remaining Letter of Credit for Retainage to the issuing bank with instructions for cancellation.
Sample 1
Payment of Retainage. In the event the Work is progressing on schedule, and without material defects or deficiencies, the Owner may elect to hold no further retainage once the Work is fifty percent (50%) complete. The Owner reserves the right to reinstate full retainage at any time due to issues arising with the Work or the progress thereof. Each release of retainage to Subcontractors who have completed their work prior to Substantial Completion shall be dealt with on a case by case basis, in the Owner’s sole discretion.
Sample 1

Related to Payment of Retainage

  • Progress Payments; Retainage A. Owner shall make progress payments on account of the Contract Price on the basis of Contractor’s Applications for Payment on or about the first day of each month during performance of the Work as provided in Paragraph 6.02.A.1 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule of Values established as provided in the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no Schedule of Values, as provided elsewhere in the Contract.

  • Payment of GST If GST is payable on any supply made by a party (or any entity through which that Party acts) (Supplier) under or in connection with this Agreement, the recipient will pay to the Supplier an amount equal to the GST payable on the supply.

  • Payment of Reinsurance Premiums For automatic and facultative reinsurance, following the close of each calendar month, the Ceding Company will send the Reinsurer a statement and a listing of new business, changes and terminations. If a net reinsurance premium balance is payable to the Reinsurer, the Ceding Company will forward this balance within (60) sixty days after the close of each month. If a net reinsurance premium balance is payable to the Ceding Company, the balance due will be subtracted from the reinsurance premium payable by Ceding Company for the current month. The Reinsurer shall pay any remaining balance due the Ceding Company sixty days after the Ceding Company submits the statement.

  • Payment of Services 1. For courses taught at a High School facility utilizing High School teachers who are qualified by the DCCCD College using Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) standards to teach college level courses, DCCCD shall pay as follows:

  • Entitlements Upon Return to Work (a) An employee who returns to work after the expiration of maternity, parental or pre-adoption leaves shall retain the seniority the employee had accumulated prior to commencing the leave and shall be credited with seniority for the period of time covered by the leave.

  • Payment of Amounts The Death Benefit payable on the death of the Owner, or after the death of the first Owner, or upon the death of the spouse who continues the Contract, will be distributed to the designated Beneficiary(s) as follows:

  • Engineer Payment of Subproviders No later than ten (10) days after receiving payment from the State, the Engineer shall pay all subproviders for work performed under a subcontract authorized hereunder. The State may withhold all payments that have or may become due if the Engineer fails to comply with the ten-day payment requirement. The State may also suspend the work under this contract or any work authorization until subproviders are paid. This requirement also applies to all lower tier subproviders, and this provision must be incorporated into all subcontracts.

  • Payment of Fee The cash management fee referred to in Clause 9.1 (Fee Payable) shall only be payable to the Current Issuer Cash Manager on each Payment Date in the manner contemplated by, in accordance with and subject to the provisions of the Current Issuer Pre-Enforcement Revenue Priority of Payments or, as the case may be, the Current Issuer Post-Enforcement Priority of Payments.

  • Timing of Payment of Performance When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day.

  • Late Payment of Rent If any installment of Base Rent or Additional Charges (but only as to those Additional Charges which are payable directly to Lessor or Lessor’s agent or assignee) shall not be paid within five (5) Business Days after its due date, Tenant will pay to Lessor on demand a late charge (to the extent permitted by law) computed at the Overdue Rate (or at the maximum rate permitted by law, whichever is the lesser) on the amount of such installment, from the due date of such installment to the date of payment thereof. To the extent that Tenant pays any Additional Charges to Lessor pursuant to any requirement of this Lease, Tenant shall be relieved of its obligation to pay such Additional Charges to the entity to which they would otherwise be due. If any Facility Mortgagee shall so require, or if any Additional Charges shall not be paid to a third party payee within five (5) Business Days after its due date, Lessor may at any time thereafter, at Lessor’s option, require Tenant to deposit into an escrow account under the sole dominion and control of Lessor (or the applicable Facility Mortgagee), on the first day of each and every month, an amount sufficient to insure that such escrow account shall contain an amount sufficient to make such payment on its next due date, in which event Lessor shall make all future payments for such expense from the escrow account. In the event of any failure by Tenant to pay any Additional Charges when due, Tenant shall promptly pay and discharge, as Additional Charges, every fine, penalty, interest and cost that may be added for non-payment or late payment of such items. Lessor shall have all legal, equitable and contractual rights, powers and remedies provided either in this Lease or by statute or otherwise in the case of non-payment of Rent.

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