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.