Performance Retention Clause Samples

The Performance Retention clause establishes requirements for maintaining a certain level of performance or quality over a specified period, often as a condition for full payment or contract completion. Typically, a portion of payment may be withheld until the contractor or service provider demonstrates that agreed-upon standards are consistently met, such as in construction projects where a retention sum is released after a defect liability period. This clause ensures that the party responsible for delivering goods or services remains accountable for their quality and performance, thereby protecting the interests of the party receiving them and incentivizing proper completion of contractual obligations.
POPULAR SAMPLE Copied 3 times
Performance Retention. Owner shall retain five percent (5%) of all progress payments as part security for fulfillment of the Contract. In any contract between Design-Builder and a subcontractor, the percentage of the retention proceeds withheld may not exceed the percentage specified in this Contract between Owner and Design-Builder. Within forty-five (45) days after successful completion of the Initial Acceptance Test by Design- Builder, Owner shall release to owner one half (1/2) of the performance retention. The remaining performance retention shall be held by Owner until after successful completion by Design- Builder of the Final Acceptance Test (see Attachment F, Section 3.0). This section shall not be construed to limit the ability of Owner to withhold 150 percent of the value of any disputed amount of Work from the final payment as provided for in subdivision (c) of Section 7107 of the Public Contract Code. Nothing in this section shall be construed to require Owner to pay for work that is not approved or accepted in accordance with the Contract Documents.
View Source
Performance Retention. The Owner shall retain five percent (5%) of all progress payments as part security for fulfillment of the Contract. In any contract between CONTRACTOR and a subcontractor the percentage of the retention proceeds withheld may not exceed the percentage specified in this Contract between Owner and CONTRACTOR. This Section shall not be construed to limit the ability of the District to withhold 150 percent of the value of any disputed amount of Work from the final payment, as provided for in subdivision (c) of Section 7107 of the Public Contract Code. Nothing in this section shall be construed to require the Owner to pay for work that is not approved or accepted in accordance with the Contract Documents.
View Source
Performance Retention. The District shall retain five percent (5%) of all lease payments as part security for fulfillment of the Contract. In any contract between Contractor and a subcontractor the percentage of the retention proceeds withheld may not exceed the percentage specified in this Contract between the District and Contractor. This Section shall not be construed to limit the ability of the District to withhold 150 percent of the value of any disputed amount of Work from the final payment, as provided for in subdivision (c) of Section 7107 of the Public Contract Code. Nothing in this section shall be construed to require the District to pay for work that is not approved or accepted in accordance with the Contract.
View Source
Performance Retention. The CDFG or CBDA may withhold, from the invoiced payment amount to the Grantee, an amount equal to ten percent (10%) of that payment. Payments prior to satisfactory completion of all work required by the agreement shall not exceed, in the aggregate, ninety percent (90%) of the total earned with the balance to be paid upon satisfactory completion of the agreement. The State shall retain from the Grantee's earnings for each period for which payment is made an amount equal to ten percent (10%) of such earnings, pending satisfactory completion and acceptance by the ERP Grant Manager of all deliverables and the completion of the agreement. In turn, the Grantee agrees to retain from its subcontractor’s earnings for each period for which payment is made an amount equal to ten percent (10%) of such earnings, pending satisfactory completion and acceptance by the ERP Grant Manager of all deliverables specified in Scope of Work and List of Deliverables listed in the subcontract .
View Source
Performance Retention of the combined CRJ200 fleet specific air range ***, shall not be worse than that specified in the guarantee set forth below. A ***, as detailed in Appendix A, will be used by the Buyer *** and to ***.
View Source

Related to Performance Retention

  • Performance Monitoring ‌ A. Performance Monitoring of Subrecipient by County, State of California and/or HUD shall consist of requested and/or required written reporting, as well as onsite monitoring by County, State of California or HUD representatives. B. County shall periodically evaluate Subrecipient’s progress in complying with the terms of this Contract. Subrecipient shall cooperate fully during such monitoring. County shall report the findings of each monitoring to Subrecipient. C. County shall monitor the performance of Subrecipient against the goals, outcomes, milestones and performance standards required herein. Substandard performance, as determined by County, will constitute non-compliance with this Contract for which County may immediately terminate the Contract. If action to correct such substandard performance is not taken by Subrecipient within the time period specified by County, payment(s) will be denied in accordance with the provisions contained in this Paragraph 47 of this Contract. D. HUD in accordance with 24 CFR Part 570 Subpart O, 570.902, will annually review the performance of County to determine whether County has carried out its Community Development Block Grant (CDBG) assisted activities in a timely manner and has significantly disbursed CDBG funds and met the mandated “1.5 ratio” threshold. Subrecipient is responsible to ensure timely drawdown of funds.

  • Performance Bonuses The Executive will be eligible to receive an annual cash bonus at an annualized rate of up to 40% of his base salary, based on the achievement of reasonable individual and Company performance targets to be established by the Company and Parent.

  • Performance Review Where a performance review of an employee’s performance is carried out, the employee shall be given sufficient opportunity after the interview to read and review the performance review. Provision shall be made on the performance review form for an employee to sign it. The form shall provide for the employee’s signature in two (2) places, one (1) indicating that the employee has read and accepts the performance review, and the other indicating that the employee disagrees with the performance review. The employee shall sign in only one (1) of the places provided. No employee may initiate a grievance regarding the contents of a performance review unless the signature indicates disagreement. An employee shall, upon request, receive a copy of this performance review at the time of signing. An employee’s performance review shall not be changed after an employee has signed it, without the knowledge of the employee, and any such changes shall be subject to the grievance procedure of this Agreement. The employee may respond, in writing, to the performance review. Such response will be attached to the performance review.

  • Performance Incentive 4.10.1 If the Seller delivers Coal to the Purchaser in excess of ninety percent (90%) of the ACQ in a particular Year, the Purchaser shall pay the Seller an incentive (“Performance Incentive”/ “PI”), to be determined as follows: PI = P x Additional Deliveries x Multiplier Where: PI = The Performance Incentive payable by the Purchaser to the Seller P = The Base Price of Highest Grade, as shown in Schedule II Additional Deliveries = Quantity [in tonnes] of Coal delivered by the Seller in the relevant Year in excess of 90% of the ACQ. Multiplier shall be 0.15 for Additional Deliveries between 90%-95% of ACQ and 0.30 for Additional Deliveries in excess of 95% of ACQ. 4.10.2 With respect to part of a Year in which the term of this Agreement begins or ends, the relevant quantities in Clause 4.10.1, except the Multiplier, shall apply pro-rata. 4.10.3 Within thirty (30) days of expiry of a Year, the Seller shall submit an invoice to the Purchaser with respect to the PI payable in terms of Clause 4.10.1 and the Purchaser shall pay the amount so due within thirty (30) days of the receipt of the invoice. In the event of non-payment of PI by the due date, the Seller shall have the right to suspend Coal supplies without absolving the Purchaser of its obligations under this Agreement.

  • Performance Pay In accordance with Section 8 of the General Appropriations Act for Fiscal Year 2020-2021, contingent upon the availability of funds and at the Agency Head’s discretion, each agency is authorized to grant merit pay increases based on the employee’s exemplary performance, as evidenced by a performance evaluation conducted pursuant to Rule 60L-35, Florida Administrative Code.