Statutory Holdback definition
Statutory Holdback means the holdbacks required under the Construction Act.
Statutory Holdback means 10% of the value of services or materials supplied to the Project under any contract or subcontract which is required to be withheld from payment pursuant to the Provincial Lien Legislation; and
Statutory Holdback means the amount retained by the County in accordance with the requirements of the Construction Lien Act R.S.O. 1990, Chapter C.30 as amended.
Examples of Statutory Holdback in a sentence
The holdback shall be comprised of a ten percent (10%) Statutory Holdback in accordance with the Construction Lien Act and a five percent (5%) Maintenance Holdback of the total amount of all monies due the Contractor, which shall be held for the full duration of the 24 month maintenance period.
The Substantial Performance Statutory Holdback Release Payment Certificate shall be a payment certificate releasing to the Contractor the Statutory Holdbacks due in respect of Work performed up to the date of Substantial Performance.
The Completion Statutory Holdback Release Payment Certificate shall be a payment certificate releasing to the Contractor the further Statutory Holdback.
More Definitions of Statutory Holdback
Statutory Holdback means the amount retained by the Town in accordance with the requirements of the Construction Lien Act R.S.O. 1990, Chapter C.30 as amended.