Withholding of Retainage; Conversion to Lump Sum Sample Clauses

Withholding of Retainage; Conversion to Lump Sum. Retainage shall be withheld from each periodic payment to the Contractor in the amount of ten percent of the sum of the total amount earned for work–in-place (original Contract), total amount earned for work-in-place (Change Orders), and Value of Materials stored at the Site. After one-half of the Contract Sum, including Change Orders, becomes due and the Work meets all of the following conditions:
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Withholding of Retainage; Conversion to Lump Sum. Retainage shall be withheld from each Application for Payment to the Design-Builder in the amount of ten percent of the sum of the total cost for original Contract Work, Change Order Work, materials stored on the Site and Design-Builder Fee earned. After one-half of the Contract Sum, including Change Orders, becomes due and the Work meets all of the following conditions:
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Withholding of Retainage; Conversion to Lump Sum. Retainage shall be withheld from each Application for Payment to the CM/GC in the amount of ten percent of the sum of the total cost for original Contract Work, Change Order Work, materials stored on the Site and CM/GC Fee earned. After one-half of the Contract Sum, including Change Orders, becomes due and the Work meets all of the following conditions: On or ahead of the Overall Project Schedule; and There are no breaches of Notices of Non-Compliant Work; and There is no delinquency in the completion of work and filing of the final breakdown and accounting pursuant to any Change Orders utilizing a Force Account; then, if the CM/GC requests and the Design Professional approves in writing, the sum being withheld as retainage will be converted to a lump sum and held by the Owner until Material Completion.
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Withholding of Retainage; Conversion to Lump Sum. Retainage shall be withheld from each Application for Payment to the CM/GC in the amount of ten percent of the sum of the total cost for original Contract Work, Change Order Work, materials stored on the Site and CM/GC Fee earned. After one-half of the Contract Sum, including Change Orders, becomes due and the Work meets all of the following conditions:
Sample 1Sample 2Sample 3See All (6)
Withholding of Retainage; Conversion to Lump Sum. Retainage shall be withheld from each periodic payment to the Contractor in the amount of ten percent of the sum of the total amount earned for work–in-place (original Contract), total amount earned for work-in-place (Change Orders), and Value of Materials stored at the Site. After one-half of the Contract Sum, including Change Orders, becomes due and the Work meets all of the following conditions: On or ahead of the Overall Project Schedule; and There are no breaches of Notices of Non-Compliant Work; and There is no delinquency in the completion of work and filing of the final breakdown and accounting pursuant to any Change Orders utilizing a Force Account; then, if the Contractor requests and the Design Professional approves in writing, the sum being withheld as retainage will be converted to a lump sum and held by the Owner until Material Completion.
Sample 1

Related to Withholding of Retainage; Conversion to Lump Sum

  • Withholding of Payment City reserves the right to withhold, in whole or in part, payment for any and all work that: (i) has not been completed by Contractor; (ii) is inadequate or defective and has not been remedied or resolved in a manner satisfactory to the City Project Manager; or (iii) which fails to comply with any term, condition, or other requirement under this Agreement. Any payment withheld shall be released and remitted to Contractor within THIRTY (30) calendar days of the Contractor’s remedy or resolution of the inadequacy or defect.

  • Withholding of Provisional Certificate 14.5.1 If the Independent Engineer determines that the Bus Terminal or any part thereof does not conform to the provisions of this Agreement and cannot be safely and reliably placed in commercial operation, it shall forthwith make a report in this behalf and send copies thereof to the Authority and the Concessionaire. Upon receipt of such a report from the Independent Engineer and after conducting its own inspection, if the Authority is of the opinion that the Bus Terminal is not fit and safe for commercial service, it shall, within 7 (seven) days of receiving the aforesaid report, notify the Concessionaire of the defects and deficiencies in the Bus Terminal and direct the Independent Engineer to withhold issuance of the Provisional Certificate. Upon receipt of such notice, the Concessionaire shall remedy and rectify such defects or deficiencies and thereupon Tests shall be undertaken in accordance with this Article 14. Such procedure shall be repeated as necessary until the defects or deficiencies are rectified.

  • Withholding of Payments Notwithstanding anything to the contrary herein, the Grantee acknowledges that payments due under this Contract may be withheld or permanently suspended, in whole or in part, if Grantee fails to comply with any federal or state law, administrative rule, or regulation applicable to the services provided herein, or if Grantee fails to perform its duties and responsibilities in accordance with the terms and conditions of this Contract.

  • Notice of Possible Withholding Under FATCA The Issuer shall notify each Agent in the event that it determines that any payment to be made by an Agent under the Notes is a payment which could be subject to FATCA Withholding if such payment were made to a recipient that is generally unable to receive payments free from FATCA Withholding, and the extent to which the relevant payment is so treated, provided, however, that the Issuer’s obligation under this Clause 7.1.6 shall apply only to the extent that such payments are so treated by virtue of characteristics of the Issuer, the Notes, or both.

  • Date on Which Exercise is Effective Each Person in whose name any certificate for Common Shares or other securities, if applicable, is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of the Common Shares or other securities, if applicable, represented thereon, and such certificate shall be dated the date upon which the Rights Certificate evidencing such Rights was duly surrendered in accordance with Subsection 2.2(d) (together with a duly completed Election to Exercise) and payment of the Exercise Price for such Rights (and any applicable transfer taxes and other governmental charges payable by the exercising holder hereunder) was made; provided, however, that if the date of such surrender and payment is a date upon which the Common Share transfer books of the Corporation are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding Business Day on which the Common Share transfer books of the Corporation are open.

  • Compensation for Convenience Termination If City shall terminate for its convenience as herein provided, City shall compensate Consulting Engineer/Architect for all Engineering/Architectural Services satisfactorily completed to date of its receipt of the termination notice and any additional Engineering/Architectural Services requested by City to bring the Project to reasonable termination. Compensation shall not include anticipatory profit or consequential damages, neither of which will be allowed.

  • Termination for Non-Allocation of Funds 4.17.2 Renegotiate the Contract under the revised funding conditions; or

  • Withholding of Taxes The Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as the Company is required to withhold pursuant to any applicable law, regulation or ruling.

  • Withholding Requirements In the event that any jurisdiction imposes any withholding or other tax on any payment made by Xxxxxxx Mac (or its agent, the Exchange Administrator, or any other person potentially required to withhold) with respect to a Note, Xxxxxxx Mac (or its agent, the Exchange Administrator, or such other person) will deduct the amount required to be withheld from such payment, and Xxxxxxx Mac (or its agent, the Exchange Administrator, or such other person) will not be required to pay additional interest or other amounts, or redeem or repay the Notes prior to the Maturity Date, as a result.

  • Method of Salary Payment Section One. Workers'

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