Payments Upon Completion of the Work. (1) When the Contractor achieves Substantial Completion of all of the Work, and the punchlist and punchlist completion schedule have been approved by Princeton University and the Architect-Engineer, then Princeton University shall pay all amounts due and remaining unpaid to Contractor, less whatever portion of the retainage Princeton University deems it appropriate (in its discretion) to continue to hold until Final Completion, and less two hundred percent (200%) of the cost to complete the work on the punchlist (as determined by Princeton University).
