Retention Money6. 7.5.1 From every payment for Works due to the Contractor in accordance with the provisions of Clause 17.5, the Authority shall deduct 6% (six per cent) thereof asguarantee money for performance of the obligations of the Contractor during the Construction Period (the “Retention Money”) subject to the condition that the maximum amount of Retention Money shall not exceed 5% (five per cent) of the Contract Price.
Appears in 4 contracts
Samples: And Construction Agreement, And Construction Agreement, indianrailways.gov.in
Retention Money6. 7.5.1 From every payment for Works due to the Contractor in accordance with the provisions of Clause 17.5, the Authority shall deduct 6% (six per cent) thereof asguarantee as guarantee money for performance of the obligations of the Contractor during the Construction Period (the “Retention Money”) subject to the condition that the maximum amount of Retention Money shall not exceed 5% (five per cent) of the Contract Price.
Appears in 2 contracts
Samples: rites.com, www.rites.com
