Common use of Retainage on Progress Payments Clause in Contracts

Retainage on Progress Payments. Owner will retain ten percent (10%) of each payment up to a maximum of Three Million Three Hundred One Thousand Two Hundred Ninety-two Dollars ($3,301,292.00). Once Three Million Three Hundred One Thousand Two Hundred Ninety-two Dollars ($3,301,292.00) has been retained, in total, Owner will not retain any additional amounts from any subsequent payments. Owner will also reasonably consider reducing retainage for Subcontractors completing their work early in the Project. Upon Substantial Completion of the Work Owner shall release to Design-Builder all retained amounts less an amount equal to the reasonable value of all remaining or incomplete items of Work and less an amount equal to the value of any Subcontractor lien waivers not yet obtained, as noted in the Certificate of Substantial Completion, provided that such payment shall only be made if Design-Builder has met the Performance Guarantee Criteria listed in Exhibit A.

Retainage on Progress Payments. Owner will retain ten percent (10%) of each payment up to a maximum of Three Six Million Three One Hundred Twenty-seven Thousand One Thousand Two Hundred Ninety-two Eighteen Dollars ($3,301,292.006,127,118.00). Once Three Six Million Three One Hundred Twenty-seven Thousand One Thousand Two Hundred Ninety-two Eighteen Dollars ($3,301,292.006,127,118.00) has been retained, in total, Owner will not retain any additional amounts from any subsequent payments. Owner will also reasonably consider reducing retainage for Subcontractors completing their work early in the Project. Upon Substantial Completion of the Work Owner shall release to Design-Builder all retained amounts less an amount equal to the reasonable value of all remaining or incomplete items of Work and less an amount equal to the value of any Subcontractor lien waivers not yet obtained, as noted in the Certificate of Substantial Completion, provided that such payment shall only be made if Design-Builder has met the Performance Guarantee Criteria listed in Exhibit A.

Retainage on Progress Payments. Owner will retain ten percent (10%) of each payment up to a maximum of Three Million Three Hundred One Thousand Two Hundred Ninety-two Dollars ($3,301,292.00)2,794,073.00 aggregate amount. Once Three Million Three Hundred One Thousand Two Hundred Ninety-two Dollars ($3,301,292.00) 2,794,073.00 aggregate amount has been retained, in total, Owner will not retain any additional amounts from any subsequent payments. Owner will also reasonably consider reducing retainage for Subcontractors completing their work early in the Project. Upon Substantial Completion of the entire Work or, if applicable, any portion of the Work, pursuant to Section 6.5, Owner shall release to Design-Builder all retained amounts relating, as applicable, to the entire Work or completed portion of the Work, less an amount equal to 200% of the reasonable value of all remaining or incomplete items of Work and less an amount equal to the value of any Subcontractor lien waivers not yet obtained, as noted in the Certificate of Substantial Completion, provided that such payment shall only be made if Design-Builder has met the Performance Guarantee Criteria listed in Exhibit A.

Retainage on Progress Payments. Owner will retain ten percent (10%) of each payment up to a maximum of Three Five Million Three Hundred One Thousand Two Hundred Ninety-two nine Thousand Eight Hundred Fifty Dollars ($3,301,292.005,299,850.00). Once Three Five Million Three Hundred One Thousand Two Hundred Ninety-two nine Thousand Eight Hundred Fifty Dollars ($3,301,292.005,299,850.00) has been retained, in total, Owner will not retain any additional amounts from any subsequent payments. Owner will also reasonably consider reducing retainage for Subcontractors completing their work early in the Project. Upon Substantial Completion of the Work Owner shall release to Design-Builder all retained amounts less an amount equal to the reasonable value of all remaining or incomplete items of Work and less an amount equal to the value of any Subcontractor lien waivers not yet obtained, as noted in the Certificate of Substantial Completion, provided that such payment shall only be made if Design-Builder has met the Performance Guarantee Criteria listed in Exhibit A.