Retainage definition

Retainage means that portion of the purchase price of an Export Order that a Buyer is not obligated to pay until the end of a specified period of time following the satisfactory performance under such Export Order.

Retainage or “retained funds” means the amount withheld from a progress payment to a contractor pursuant to section 3.

Retainage means the difference between the amount earned by the Contractor on a GRDA Contract, with the work being accepted by the GRDA, and the amount paid on said Contract by the GRDA.

Examples of Retainage in a sentence

• Retainage may be up to a maximum of 5% of the total amount of the Agreement.

• All funds due hereunder, including unpaid Retainage, shall be released within thirty (30) Days of termination of the Agreement for convenience.

• If the remaining balance for Work not fully completed is less than the Retainage, and if bonds have been furnished, the written consent of surety to payment of the balance due for that portion of the Work fully completed shall be submitted by the Design/Builder to the Owner, and such payment shall be made under the terms and conditions governing final payment, except that it shall not constitute a waiver of claims by either the Design/Builder or the Owner.

• The Owner shall pay the Design/Builder the actual Cost of the Work (including payment for off-site stored materials) through the period covered by the Application for Payment, less Retainage as set forth in Section 5.5 below, provided that the payment amount before retainage will not exceed the percentage of completion of the Work multiplied by the GMP (excluding items of the GMP not subject to retainage), all as set forth in the schedule of values.

• Retainage shall be released upon successful, timely performance of all Service Area 1 requirements.

More Definitions of Retainage

Retainage means that money belonging to the Contractor which has been retained by the awarding authority conditioned upon final completion and acceptance of all work in connection with the Project.

Retainage means the difference between the amount earned by the contractor on a public construction contract, with the work being accepted by the public agency, and the amount paid on said contract by the public agency.

Retainage shall have the meaning set forth in Section 7.3.

Retainage means the part of the payments under a public work contract that are not required to be paid within the month after the month in which the public work labor is performed or public work material is delivered under the contract.

Retainage means the quantity of gas, expressed as a percentage of receipt quantities, Shipper must provide Transporter (in addition to quantities Transporter will deliver to Shipper) for company-use, lost and unaccounted-for quantities under any of Transporter's Rate Schedules that refer to such term.

Retainage means a portion or percentage of a payment due pursuant to a contract

Retainage is an optional field and means the amount of the contract’s value that is retained.