Retention Sum Sample Clauses

A Retention Sum clause establishes that a portion of the contract payment is withheld by the client until certain obligations, such as satisfactory completion of work or the end of a defects liability period, are fulfilled by the contractor. Typically, a fixed percentage of each payment is retained, and the withheld amount is released once the contractor has met all specified requirements, such as remedying defects or completing final inspections. This clause serves to incentivize the contractor to complete the project to the required standard and provides the client with financial security against incomplete or defective work.
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Retention Sum. The Building Contract can make provision for a Retention Sum to ensure the execution of the construction work necessary to make good the reservations recorded during Construction Handover. The Retention Sum is limited to 5% of the Contract Sum. This Sum should be considered as a retainer. Within the scope of his/her duty to advise, the Architect should recommend it to the Client. Nota: The Retention Sum can not be applied if the Contractor provides, for an equivalent sum, a joint and several guarantee from a financial institution.
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Retention Sum. A retention sum of 2.5% of final contract sum, to be withheld by the Employer and to be released upon the Expiry of Maintenance Period or upon the Employer’s endorsement that all defects have been made good pursuance to Article 14 (d), whichever is later.
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Retention Sum. The Retention Sum Escrow Agreement shall set out and incorporate the following terms and such other terms as mutually agreed between LCCE and the Purchaser: (i) in the event LCDPL complies with the Qualifying Certificate Requirements (as defined under the SPA) on or before 13 February 2018, LCCE and the Purchaser shall sign and deliver to the Retention Sum Escrow Agent all authorisations and/or mandates which may be required under the Retention Sum Escrow Agreement in order to effect the release of the full Retention Sum to LCCE within five (5) business days from 13 February 2018; and (ii) in the event LCDPL fails to comply with the Qualifying Certificate Requirements on or before 13 February 2018, LCCE and the Purchaser shall sign and deliver to the Retention Sum Escrow Agent all authorisations and/or mandates which may be required under the Retention Sum Escrow Agreement in order to effect the release of the Retention Sum to the Purchaser within five (5) business days from 13 February 2018.
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Retention Sum. The Retention Sum will be dealt with as set out in schedule 6 (Retention provisions).
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Retention Sum. On Completion, the Company shall pay the balance of the Purchase Price to the Vendors, with an amount of S$500,000 (being part of the Purchase Price) to the Vendors’ solicitors as stakeholders (the “Retention Sum”). The Retention Sum shall be held by the Vendors’ solicitors as stakeholders during the Retention Period, which is to be utilized towards payment of outstanding taxes or contributions owing by Fair Chem to any regulatory authority and any amount due to the Company based on the apportionment mechanism described in paragraph 5.4 below.
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Retention Sum. If the Security is a retention sum, then the Council may deduct and retain an amount up to the Security amount from each payment by the Council to the Contractor under this Agreement as security for the due performance of the Contractor’s obligations under this Agreement.
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Related to Retention Sum

  • RETENTION OF ULTIMUS The Trust hereby retains Ultimus to act as the fund accountant of the Trust and to furnish the Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties.

  • Retention Bonus (a) Subject to Sections 2(b), 2(c) and 2(d) below and your continued employment through the Determination Date (as defined below), you will be eligible to receive a Retention Bonus equal to the annual bonus you would have been eligible to receive under the Company’s Annual Incentive Plan based on the Company’s actual performance for 2023, as determined by the Compensation Committee of the Board of Directors (the “Committee”) following the completion of 2023, had you been a participant in the Annual Incentive Plan with a target bonus opportunity of up to 40% of your base salary (such amount as determined by the Committee, the “Retention Bonus”), which determination shall occur between January 1, 2024 and March 15, 2024 (the date of such determination, the “Determination Date”). The Retention Bonus, if any, will be paid in cash in a lump sum between January 1, 2025 and March 15, 2025. You will continue to be considered an employee of the Company for purposes of this letter agreement if you are on a Company- approved leave of absence. (b) In the event of a Change in Control during 2024, subject to your continued employment through the earlier of: (1) the Determination Date; or (2) the date of the Change in Control, you will be eligible to receive your Retention Bonus in cash in a lump sum within 10 days following the date of the Change in Control. (c) In the event of your Involuntary Termination (as defined in the Employment Agreement) on or after the Determination Date but on or prior to the date you have received the Retention Bonus, you will be eligible to receive your Retention Bonus in cash in a lump sum within 10 days following the effective date of your Release (as defined below). As a condition to your receipt of the Retention Bonus pursuant to this Section 2(c), you shall execute and not revoke a general release of all claims in favor of the Company and its affiliates (the “Release”) in the form attached to the Employment Agreement as Exhibit A. In the event the Release does not become effective within the 55-day period following the date of your Involuntary Termination, you shall not be entitled to the Retention Bonus. (d) If your employment terminates prior to the Determination Date for any reason, then this letter agreement will terminate, and you will forfeit any right you may have to receive the Retention Bonus.

  • Retention Bonuses Provided Executive becomes and remains an active employee of Mercantile, Mercantile will pay Executive retention bonuses in accordance with the following schedule: (i) $60,937.50 [25% of salary and target incentive compensation], to be paid on the first payroll period following the Effective Time, (ii) $60,937.50 [25% of salary and target incentive compensation], to be paid on the first payroll period following six (6) months of Executive’s employment with Mercantile, (iii) $60,937.50 [25% of salary and target incentive compensation], to be paid on the first payroll period following twelve (12) months of Executive’s employment with Mercantile. After twelve (12) months of Executive’s employment with Mercantile, Executive will not be entitled to any further Severance or Retention benefits. The above-listed payments and benefits are in lieu of any and all payments and benefits to which Executive may otherwise have been entitled under the CIC Agreement or any other agreement or practice.

  • Retention of Rights The JBE retains all rights, title and interest (including all Intellectual Property Rights) in and to the JBE Materials. Subject to rights granted herein, Contractor retains all rights, title and interest (including all Intellectual Property Rights) in and to the Contractor Materials.

  • RETENTION AND LIMIT The Company shall cede to the Reinsurer and the Reinsurer agrees to accept 100% of the Company's liability arising out of directly or indirectly, in whole or in part or in connection with the Policy.