Retention Fund Sample Clauses
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Retention Fund. At the time that each payment required by Section 2.3(b) is made, the Buyer shall deposit in the Retention Account, which is to be held by Escrow Agent pursuant to the terms of the escrow agreement attached hereto as Exhibit “F” (the “Escrow Agreement”) an amount of cash equal to ten percent (10%) of each such payment, and such amount shall be retained in the Retention Account for 120 days following the date such payment is made. The Retention Fund shall be withheld and placed in the Retention Account for the purpose of allowing Buyer and the Group Companies to recover therefrom the amount of any Purchase Price Adjustments made pursuant to the terms herein and any claims under Section 13.3 of this Agreement, in each case in accordance with Section 13.4 of this Agreement. After funds are retained in the Retention Account for 120 days, any portion of the Retention Fund as to which there is no dispute by or among any of the parties shall be paid by the Escrow Agent to the Sellers in accordance with Section 2.3(b). In the event there is a dispute by or among any of the parties with regard to any portion of the Retention Fund, such amounts shall be retained in the Retention Account until fully and finally resolved in accordance with the terms hereof.
Retention Fund. 6.01 The University may increase salaries of continuing members of the bargaining unit for the purpose of retention. Any such increase in salary (which may occur at any time of the year) will reflect market considerations where market is disciplinary and/or merit based. In all circumstances, merit of the individual(s) must be demonstrated in market considerations. The total disbursement shall be $600,000 over the two years of the Agreement, with $200,000 to be distributed in the first year (2012-2013), and $400,000 in the second year (2013-2014). The Faculty Association will receive an annual report of any such salary changes and the reasons for them. A list of those faculty members who are awarded retention shall be distributed individually to all members of the unit.
Retention Fund. If the Contractor has been notified under Clause 41.5.1 that rectification and/or maintenance work is required in the 12 months prior to the Expiry Date the Authority shall deduct the estimated cost (as such estimate may be updated from time to time) of that work as quantified by the Final Survey in equal instalments from the Monthly Unitary Charge payable in each of the 12 months after such date and pay such amount into an interest bearing account in the name of the Authority (the “Retention Fund Account”). The Authority shall make withdrawals from the Retention Fund Account only in accordance with this Clause 41.
Retention Fund. If the Contractor has been notified under Clause 79.3 (Results of Survey) that rectification and/or maintenance work is required, six (6) Contract Months prior to the Expiry Date the Authority shall (to the extent that the Outstanding Work has not been carried out in the interim) deduct the costs of that work as quantified by that survey referred to in Clause 79.1 (Final Survey) from the next following instalment (or, if the amount of such instalment is insufficient, the next instalments as necessary) of the Unitary Charge and pay such amount into an interest bearing account (the "Retention Fund Account") until this Contract has expired or terminated (subject to Clause 79.6 (Costs)).
Retention Fund. If the Contractor has been notified under clause 47.3.1 (Results of Survey) that rectification and/or maintenance work is required then twelve (12) months prior to the Expiry Date the Authority shall[, if an acceptable on demand bond has not been provided pursuant to clause 47.5.2,149] (to the extent the Outstanding Works have not been carried out in the interim) deduct the costs of that work as quantified by the survey referred to in clause 47.1 (Final Survey) from the next following instalment (or, if the amount of such instalment is insufficient, the next instalments as necessary) of the Monthly Unitary Payment and pay such amount into an interest bearing account (the Retention Fund Account) until this Agreement has expired or terminated (subject to clause 47.6 (Costs)). [The Contractor shall have the right to provide an on-demand payable bond to the Authority from a UK clearing bank or other financial institution reasonably acceptable to the Authority in lieu of the deductions referred to in clause 47.5.1 as security for the cost of the rectification and/or maintenance work required. The Authority shall have the right to refuse such a bond if it is not satisfied that the terms and value of the bond offered would offer security at least equivalent to that provided by the retention fund described at clause 47.5.1.]
Retention Fund. 6.01 The University may increase salaries of continuing members of the bargaining unit for the purpose of retention. Any such increase in salary (which may occur at any time of the year) will reflect market considerations where market is disciplinary and/or merit based. In all circumstances, merit of the individual(s) must be demonstrated in market considerations. The total disbursement shall be $500,000 over the two years of the Agreement. The Faculty Association will receive an annual report of any such salary changes and the reasons for them. A list of those faculty members who are awarded retention shall be distributed individually to all members of the unit.
Retention Fund. The Employer shall withhold from the Contractor retention of 10% up to a maximum amount of 5% of the contract amount of all payments made before the issuing of the certificate of practical completion. No interest is to be paid to the Contractor on the retention. The retention fund shall be held by the Employer as a guarantee to the Employer for the completion of the contract.
Retention Fund. This Retention Fund Instruction Letter relates to the Escrow Account as defined in an agreement (“the Share Purchase Agreement”) dated {DATE} 2004 between inter alia the Vendor and the Purchaser (each as defined in the Share Purchase Agreement) relating to the sale and purchase of the issued share capital of Via ▇▇▇.▇▇▇▇▇ UK Limited. Words and expressions defined in the Share Purchase Agreement shall, save as otherwise defined or as the context may require in this letter, have the same meanings in this letter. We hereby jointly and irrevocably instruct you as follows:
Retention Fund. The Employer may retain the percentage of the total value of the work, materials and goods referred to in Clause 30.2, which is stated in the Appendix as Percentage of Certified Value Retained. When the sum of the amounts so retained equals the amount stated in the Appendix as Limit of Retention Fund or that amount as reduced under Clauses 16.1(d) and 16.1(f) and/or Clause 27.7, as the case may be, then no further amounts shall be retained by virtue of this clause. Rules regarding Retention Fund 30.6 The amount retained under Clause 30.5 shall be subjected to the following rules: 30.6(a) the Employer's interest in any amount so retained shall be fiduciary as trustee for the Contractor, Nominated Sub-Contractors and Nominated Suppliers (but without obligation to invest) and the Contractor's, Nominated Sub- Contractors’ and Nominated Suppliers’ beneficial interest shall be subject only to the right of the Employer to have recourse from time to time for payment of any amount as the Architect may certify that he is entitled under the Contract to deduct from such sum due or to become due to the Contractor, Nominated Sub-Contractors and Nominated Suppliers. In the event any of the party elects to demand in writing from the Employer (with a copy to the Architect) for such Retention Fund to be paid into a trust account, such fund shall be paid by the Employer within fourteen (14) Days into an escrow account to be held by a stakeholder appointed by the party making the application. All incidental costs of setting up such a trust account shall be borne by the Contractor or Nominated Sub-Contractors or Nominated Suppliers as the case may be; 30.6(b) when the Employer exercises any right under the Contract to deduct from any monies due to or become due to the Contractor or where applicable, the Nominated Sub-Contractors or Nominated Suppliers, he shall inform the relevant party in writing of the reason for that deduction; 30.6(c) upon the issuance of the Certificate of Practical Completion, the Architect shall within fourteen (14) Days issue a certificate for the release of one half of the Retention Fund and the Contractor shall be entitled to payment thereafter within the Period of Honouring Certificates; and 30.6(d) upon the issuance of the Certificate of Making Good Defects, the Architect shall within fourteen (14) Days issue a certificate for the residue of the amount then so retained and the Contractor shall be entitled to payment within the Period of Honouring C...
Retention Fund. Notwithstanding anything to the contrary contained herein, Owner may withhold as a retention fund against defects and other faults and as security for the due observance and performance by Westfield of its duties and obligations hereunder an amount equal to ten percent (10%) of the first fifty percent (50%) of the construction costs (the "Retention Fund") which would otherwise be payable to Westfield under this Agreement except that no such retention shall be held on purchase orders for goods, materials and equipment.