Common use of WITHHELD FUNDS Clause in Contracts

WITHHELD FUNDS. Pursuant to Tennessee Statutes Section 00-00-000 et seq., withheld percentages for Contracts exceeding $500,000.00 will be retained in an account in the name of the Contractor (except when specifically waived in writing by Contractor) which has been assigned to the Owner until the Contract is completely, satisfactorily, and finally accepted by the Owner. Unless a depository is designated by the Contractor in a written attachment hereto, the Contractor's signature hereon shall act as authority for the Owner to designate a retainage depository on behalf of the Contractor, for the purposes specified in Tennessee Statutes Section 00-00-000. The Contractor's signature hereon shall act as an assignment of the depository account to the Owner, as provided by Tennessee Statutes Section 66-11- 104 et seq., whether the depository is designated by the Contractor or by the Owner.

WITHHELD FUNDS. Pursuant to Tennessee Statutes Section 00-00-000 et seq., withheld percentages for Contracts exceeding $500,000.00 will be retained in an account in the name of the Contractor (except when specifically waived in writing by Contractor) which has been assigned to the Owner until the Contract is completely, satisfactorily, and finally accepted by the Owner. Unless a depository is designated by the Contractor in a written attachment hereto, the Contractor's signature hereon shall act as authority for the Owner to designate a retainage depository on behalf of the Contractor, for the purposes specified in Tennessee Statutes Section 00-00-000. The Contractor's signature hereon shall act as an assignment of the depository account to the Owner, as provided by Tennessee Statutes Section 6600-11- 104 00-000 et seq., whether the depository is designated by the Contractor or by the Owner.