Lien Holdback definition

Lien Holdback means the 10% holdback required under the Builders Lien Act (British Columbia);

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Lien Holdback means the ten percent (10%) holdback retained pursuant to Part IV of the Construction Act. Losses means any and all losses, debts, expenses, liabilities, damages, obligations, payments, fines and costs. Major Item means any item of Unit Price Work that has a value, calculated on the basis of its Estimate of Units for Completion multiplied by its Unit Price, which is equal to or greater than the lesser of: $100,000; and 5% of the estimated Total Price of Unit Price Work (calculated using the Estimate of Units for Completion for all items of Unit Price Work). MFIPPA means the Municipal Freedom of Information and Protection of Privacy Act. A Notice in Writing means a written communication between the parties or between them and the Contract Administrator that is transmitted in accordance with the provisions of GC 1.6.1 and GC 1.6.2.

Lien Holdback has the meaning as set out in Section H6.1 of the Design Build Agreement;

Examples of Lien Holdback in a sentence

The Owner shall retain the Contractual Holdback, Lien Holdback and any other holdbacks provided for under this Contract as a separate line item from such payment and may retain any other amount pursuant to 5.10 - OWNER’S SET-OFF.
Unless otherwise specified in the Agreement, no letter of credit or demand-worded holdback shall be accepted or used to retain any part of the Lien Holdback.
Lien Holdback means the ten percent (10%) holdback retained pursuant to Part IV of the Construction Act.
For clarity, the Owner shall not retain Contractual Holdback in respect of the payment of Lien Holdback pursuant to 5.6 - PAYMENT OF LIEN HOLDBACK UPON SUBSTANTIAL PERFORMANCE OF THE WORK or the payments pursuant to 5.7 – PAYMENTS UPON TOTAL PERFORMANCE OF THE WORK.
If the Owner becomes aware that any such claim of builder’s lien, builder’s liens or certificate of pending litigation is threatened or has been registered against title to the Site, the Owner may withhold out of the Lien Holdback or any other monies payable to the Design-Builder such amounts as the Owner reasonably considers necessary in order to secure the discharge of such claim of builder’s lien, builder’s liens or certificate of pending litigation.
The Owner may increase the Lien Holdback Amount by the amount of any holdback necessary or desirable as a result of registered Liens or claims for Liens, notice of which may have been received by the Owner.
Subject to the Construction Act, the Owner may retain out of the Lien Holdback any sums required by law to satisfy any liens against the Work and any other amount pursuant to 5.10 - OWNER’S SET-OFF.
If the Owner becomes aware that a claim of builder’s lien, builder’s liens or certificate of pending litigation is threatened or has been registered against title to the Site, the Owner may, withhold out of the Lien Holdback or any other monies payable to the Design-Builder such amounts as the Owner reasonably considers necessary in order to secure the discharge of the claim of builder’s lien, builder’s liens or certificate of pending litigation.
Notwithstanding the requirements of the Construction Act or the provisions of Section GC 8.02 of the General Conditions of Contract, a maintenance security in the amount of two percent (2%) will be retained by the Owner in addition to the Lien Holdback.
If notice of such filed claims is so received, the Lien Holdback and any interest earned thereon shall be applied firstly to discharge such liens with the balance payable to the Seller.

More Definitions of Lien Holdback

Lien Holdback has the meaning as set out in Section M8.2 of the DPA. A1.101 “Non-Resident” means a person that is, at the relevant time, a non-resident of‌

Lien Holdback means the aggregate of the amounts, at any time, required to be by Borrower "C", as Owner, and by

Lien Holdback means the 10% holdback required under the Builders Lien Act; (ee) “Order Summary” means Schedule A – Order Summary;

Lien Holdback means the 10% holdback required under the Builders Lien Act (British Columbia); “Mass Timber” has the meaning set out in Schedule 1 - Statement of Requirements;

Lien Holdback means the holdback required under the BLA. Limb 2 has the meaning given in Schedule 5. Limb 3 has the meaning given in Schedule 5. Loss includes any loss, cost, expense, damage or liability (including any fine or penalty) whether direct, indirect or consequential (including revenue loss and pure economic loss), present or future, fixed or unascertained, actual or contingent and whether arising under contract (including any breach of this Agreement), in equity (including breach of an equitable duty, breach of confidentiality or breach of fiduciary duty), under statute (including breach of statutory duty, to the maximum extent possible), in tort (including for negligence or negligent misrepresentation) or otherwise (including in restitution). Materials has the meaning given in Section 8.10.