Common use of Retainages Clause in Contracts

Retainages. All Disbursements for Hard Costs (other than for payment of the Construction Manager's fixed monthly fee payable under the terms of the Construction Management Agreement) shall be subject to a retention (each a RETAINAGE) equal to the greater of (i) 10% of the requested amount or (ii) the amounts actually withheld or to be withheld pursuant to the contract relating to such Hard Costs, which Retainage shall be disbursed after the later to occur of (A) the date on which the Bank has received evidence satisfactory to the Bank of the completion of the work of the trade in question in accordance with the requirements of the contract therefor and (B) the date on which the Bank has received releases or other evidence satisfactory to the Bank in its sole discretion that the contractor in question has no other claim of payment against the Company other than the amount of the applicable Retainage.