Retention Sum definition

Retention Sum means an amount equal to 40% of the Renewal Amount from time to time.

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Retention Sum means an amount equal to R20 000 (twenty thousand Rand), which amount forms part of the Contract Sum;

Retention Sum means an amount equal to R20 000.00 (Twenty Thousand Rand), which amount forms part of the Contract Sum;

Examples of Retention Sum in a sentence

• Nota: The Retention Sum can not be applied if the Contractor provides, for an equivalent sum, a joint and several guarantee from a financial institution.

• The Building Contract can make provision for a Retention Sum to ensure the execution of the construction work necessary to make good the reservations recorded during Construction Handover.

• The Retention Sum will be dealt with as set out in schedule 6 (Retention provisions).

• The Parties agree that in the event of non-fulfillment of 12 months of services by the KMP due to voluntary resignation and/or resignation due to disciplinary action and/or breach of the KMP’s employment contract with the Target Group by such KMP from the Target Group, then the Purchaser shall not be obligated to pay the Retention Sum to the Vendor.

• Notwithstanding that on Completion Date, the Retention Sum has not been paid by the Purchaser to the Vendor, the Sale Shares shall be duly vested in the Purchaser upon settlement of the Balance Consideration by the Purchaser to the Vendor in accordance with the terms and conditions as set out in 2.3.2(ii) of this announcement and the Purchaser shall then be the legal and beneficial owner of the Sale Shares on Completion Date.

More Definitions of Retention Sum

Retention Sum means the sum of £11,956,000 or such lesser sum determined in accordance with the terms of this agreement;

Retention Sum the sum of £100,000 to be held by the Sellers Solicitors for six months following Completion pending notice from the Buyer of any Claim and to be dealt with in accordance with Clause 5.6

Retention Sum shall have the meaning set out in Schedule 7.

Retention Sum means the sum of Ringgit Malaysia Six Hundred Twenty Two Thousand and Five Hundred (RM622,500.00) only representing three per centum (3%) of the Purchase Price;

Retention Sum means the sum of L1,250,000; "COMPANY SHARES" means the Ordinary Shares;

Retention Sum means the sum of L1,250,000;

Retention Sum means the sum of £500,000 to be paid by the Buyer into the Retention Account on Completion in accordance with clause 3