Retention Fees Clause Samples
A Retention Fees clause establishes a payment that is held back by a client or principal from the total contract sum, typically to ensure satisfactory completion of the contractor’s work. In practice, a percentage of each payment is withheld until the project reaches certain milestones or is fully completed, after which the retained amount is released, often in stages. This clause serves to incentivize the contractor to complete all work to the required standard and provides the client with financial security against defects or incomplete work.
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Retention Fees. 5.1 The Council will pay the Provider a Retention Fee which will be 80% of the Standard Wirral Price to secure accommodation for any Customer supported by the Contract under the following conditions:
(a) The Retention Fee will be paid for the full duration of a temporary period of absence which exceeds seven days
(b) Temporary periods of absence which are less than seven days shall be paid at the full Standard Wirral Price
(c) The Provider must inform the Council of any such temporary period of absence via the RS29 four weekly return form. The Council reserves the right to terminate the placement in accordance with Clause 25 where it believes with reasonable grounds that it is not the Customer’s intention to return to the home or if the period of absence is likely to exceed one month.
Retention Fees. Company shall pay Hankinson at the rate of $5,000 per ▇▇nth for the performance of his duties herein. Payments shall be payable in monthly installments, subject to federal, state and local taxes. Services can be terminated by either party with 30-days written notice. Hankinson shall not be eligible for, a▇▇ ▇▇▇▇▇▇ employment benefits, except as otherwise provided for in this Agreement, during the course of his part-time "at-will" employment.
Retention Fees. Until the earlier of the Closing or Termination of this Agreement the GG Group for each Contract Year shall receive an amount (each a "Retention Fee" and collectively the "Retention Fees"), equal to the sum of (i) $30,000 and (ii) ten percent of the Average Excess Revenue, if any, as of the end of that Contract Year.