Punch List Retainage definition

Punch List Retainage means an amount equal to [***] of Owner’s estimated cost for Contractor to complete the Punch List items as required by Paragraph 4.7 of this Contract.
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Examples of Punch List Retainage in a sentence

  • The Progress Payment corresponding to delivery of the Project Completion Certificate shall be decreased by an amount, if any, which is equal to the Punch List Retainage, and upon the completion of any item of Punch List Work to the reasonable satisfaction of Purchaser, Purchaser shall immediately pay Supplier the Punch List Retainage that was retained by Purchaser for such item of Punch List Work.

  • Owner shall pay Contractor the Substantial Completion Payment within [***] days of receipt of Contractor’s Application for Payment under this Paragraph 5.9 Contractor’s Application for Payment of the Substantial Completion Payment may be subject to greater scrutiny from Owner, given that it includes the release of the Retainage (other than the Punch List Retainage).