Retention monies. 12.3.1, 12.3.2 The percentage to be retained from each progress payment and the limit of the total sums retained shall be in accordance with the following: (select one to apply, (a) or (b))
Retention monies. 12.3.1, 12.3.2 The percentage to be retained from each progress payment and the limit of the total sums retained shall be in accordance with the following: (a) For the Contract Works, • 5% on the first $200,000, and • 2.5% on the next $800,000, and • 0.87% on amounts in excess of $1,000,000, and • With a maximum total retention when aggregated of $500,000, and • With a defects liability retention of 100% of the total retention. 🗹 (b) The retention scale in the right hand column: 🞏
Retention monies. The Retention Monies are to be retained by the Principal for the purpose of ensuring the due and proper performance by the Contractor of all of its obligations under the Contract. Subject to the provisions of the Contract (including but not limited to clause 31.3., when a Certificate of Practical Completion is issued (or if there is more than one portion of work, then on issue of the last Certificate of Practical Completion) one half of the Retention Monies held by the Principal as at that date will be released to the Contractor. Subject to the Contract, the balance of the Retention Monies held by the Principal shall be released to the Contractor within twenty-eight (28) days of the Final Certificate. Any reduction in the Retention Monies under clauses 30.2. or 30.3. shall not operate so as to waive, prejudice, release or discharge any of the conditions of the Contract or any of the obligations imposed on the Contractor by the Contract. Without limiting the Principal’s rights under any other provision in the Contract or at law, any debt due from the Contractor to the Principal under or by virtue of any provision of the Contract or any other amount owing by the Contractor to the Principal may be deducted by the Principal, at its election, from: any Progress Payment or other moneys which may be or thereafter become payable to the Contractor by the Principal; any Retention Monies then held by the Principal; or from the Contractor’s Security under the Contract (if any). Nothing in clause 30.5. shall affect the right of the Principal to recover from the Contractor the whole of the debt or any balance that remains owing after that deduction. Interest will not be payable by the Principal on any Retention Monies or Security or on the cash proceeds of any Security converted into money pursuant to clause 31.2..
Retention monies. (a) Subject to sub-clause 42.3(d), the Retention Monies referred to in Clause 42.2 shall be calculated by applying the Retention Percentage to the amounts to which the Superintending Officer has certified in respect of items listed in Clause 42.1.
Retention monies. (c) The amount retained by virtue of Clause 42.3 shall be subjected to the following rules:
Retention monies. 12.3.2(a) Add to the end of 12.3.2(a) the words: “less the Engineer's assessment of the value of any Contract Works remaining to be completed other than minor omissions and minor defects under 10.4.1.
Retention monies. Xxxxx claim for what it termed retention monies in the sum of $98,311.20 being sums due under the contract for work already done but not billed but left on account with Blue Sand for the purpose of remedying any defects in construction. They claim this less a reduction for legitimate defects estimated at $25,000.00 [55] In law retention monies only become due and payable if the period agreed upon for remedying defects has expired and there are no defects. If defects are found and not remedied by the contractor then the owner is entitled to use the retention monies towards putting right these defects. See Xxxxx’s op.cit p. 129 para. B. Thus this issue must await our determination on defects. [56] Is Blue Sand entitled to damages for remedying alleged defects? [57] As a result of defects in construction alleged to have been found when they entered into possession in or about January 2010 Blue Sand claim damages of $1,104,747.37 for remedial works. To establish their claim they relied on the evidence of Xxx. Xxxx and several expert witnesses- Xx. Xxxx Xxxxxxxx (Pools), Mr. Xxxxxxx Xxxxxx and Xx. Xxxx Xxxxxxxxx, who testified to defects found and costs of remedying them . Xxx. Xxxx catalogued some of the defects allegedly found in photographs which she submitted to the court, which ran the gamut from leaking roofs, leaking swimming pools, slippery stone floors ,so called “disco lights” because of their intermittent flashing,(Xxx. Xxxx had seemingly retained her sense of humour) peeling paint to termites in cabinets and destruction of plants. Additionally Blue Sand alleged that the villa evidenced defects to the electrical, plumbing, mechanical and other systems. [58] Before I go further I note that Xxxxx through Xx. Xxxxx in her oval evidence has accepted liability for defects and therefore no issue arises. [59] The law Before I consider the several areas of alleged defects it is helpful to look at a contractor’s obligation in law as this contract made no express reference to the duties imposed on the contractor and therefore we must imply the common law duties to give commercial effect/efficacy to the contract. [60] In law, the contractor has a dual obligation to carry out and complete the works in accordance with the contract. See Xxxxxx’x Building and Engineering Contracts 11th ed. Vol. 1 para 4 – 003. And where owner’s designs are used, (as it was substantially in this case) then the contractor’s obligation is to complete to design. And in that case the co...
Retention monies. 45.4 There shall be no retention of monies undertaken through this Framework Agreement. Article 46:
Retention monies. 24.4.1. The Municipality shall deduct and retain the sum equal to 10% of each sum it approves for payment11. The Retention Monies shall be returned to the Contractor within the timeframe stipulated under Section 24.3.2 (Payment Schedule) following issuance of the Project Completion Certificate. 11 In the event the Contractor was entitled only for partial payment due to any act or omission – the retained sum shall be calculated and made of the entire payment the Contractor would have been entitled for hadn’t the act or omission (for which the Contractor was entitled only for part of the respective payment) occurred.
Retention monies. 47.1 The sum retained to guarantee implementation of the Contractor' s oЬ\igations during the defects liaЬility period is 10 % of the contract price. Ву derogation to Article 47.1 of the General Conditions, that money is not retained from interim payments. The tranches laid down in Article 49.1 of these Special Conditions are determined so that the retention sum ds4o_specialconditions_simpl_en.docx amounts to 1О % of the contract price at the moment of the Certificate of provisional acceptance.
