Retention monies. 12.3.1, 12.3.2 The percentage to be retained from each progress payment and the limit of the total sums retained shall be in accordance with the following: (select one to apply, (a) or (b))
Retention monies. The Retention Monies are to be retained by the Principal for the purpose of ensuring the due and proper performance by the Contractor of all of its obligations under the Contract. Subject to the provisions of the Contract (including but not limited to clause 31.3., when a Certificate of Practical Completion is issued (or if there is more than one portion of work, then on issue of the last Certificate of Practical Completion) one half of the Retention Monies held by the Principal as at that date will be released to the Contractor. Subject to the Contract, the balance of the Retention Monies held by the Principal shall be released to the Contractor within twenty-eight (28) days of the Final Certificate. Any reduction in the Retention Monies under clauses 30.2. or 30.3. shall not operate so as to waive, prejudice, release or discharge any of the conditions of the Contract or any of the obligations imposed on the Contractor by the Contract. Without limiting the Principal’s rights under any other provision in the Contract or at law, any debt due from the Contractor to the Principal under or by virtue of any provision of the Contract or any other amount owing by the Contractor to the Principal may be deducted by the Principal, at its election, from: any Progress Payment or other moneys which may be or thereafter become payable to the Contractor by the Principal; any Retention Monies then held by the Principal; or from the Contractor’s Security under the Contract (if any). Nothing in clause 30.5. shall affect the right of the Principal to recover from the Contractor the whole of the debt or any balance that remains owing after that deduction. Interest will not be payable by the Principal on any Retention Monies or Security or on the cash proceeds of any Security converted into money pursuant to clause 31.2..
Retention monies. (a) Subject to sub-clause 42.3(d), the Retention Monies referred to in Clause 42.2 shall be calculated by applying the Retention Percentage to the amounts to which the Superintending Officer has certified in respect of items listed in Clause 42.1.
Retention monies. (c) The amount retained by virtue of Clause 42.3 shall be subjected to the following rules:
Retention monies. 12.3.2(a) Add to the end of 12.3.2(a) the words: “less the Engineer's assessment of the value of any Contract Works remaining to be completed other than minor omissions and minor defects under 10.4.1.
Retention monies. 12.3.1, 12.3.2 The percentage to be retained from each progress payment and the limit of the total sums retained shall be in accordance with the following: (a) For the Contract Works, • 5% on the first $200,000, and • 2.5% on the next $800,000, and • 0.87% on amounts in excess of $1,000,000, and • With a maximum total retention when aggregated of $500,000, and • With a defects liability retention of 100% of the total retention. 🗹 (b) The retention scale in the right hand column: 🞏
Retention monies. Clause Title and subject matter Specific condition data (expand cells if required or add a reference to further detail provided in Schedule 2) 12.3.1, 12.3.2 Retentions shall or shall not apply as follows:
Retention monies. 47.1 The sum to be retained from interim payments to guarantee implementation of the contractor’s obligations during the defects liability period is 5 % of each instalment.
Retention monies. Delete clause 12.3.2 and replace as follows:
Retention monies. 24.4.1. The Municipality shall deduct and retain the sum equal to 10% of each sum it approves for payment11. The Retention Monies shall be returned to the Contractor within the timeframe stipulated under Section 24.3.2 (Payment Schedule) following issuance of the Project Completion Certificate. 11 In the event the Contractor was entitled only for partial payment due to any act or omission – the retained sum shall be calculated and made of the entire payment the Contractor would have been entitled for hadn’t the act or omission (for which the Contractor was entitled only for part of the respective payment) occurred.
