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;
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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;
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Examples of Retention Sum in a sentence

  • 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.

  • 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 rationale for the Vendor and the Purchase to enter into the SA is to amend the Conditions Precedent of the Agreement which reflects the Completion Date as well as the interest rate on the Retention Sum in the Agreement.

  • The Retention Sum shall be placed in an interest bearing account where the interest shall belong to the Vendor (hereinafter referred to as the “Interest”).

  • The Retention Sum shall be held by the Vendors’ solicitors as stakeholders during the Retention Period, which is to be utilized towards payment of outstanding taxes or contributions owing by Fair Chem to any regulatory authority and any amount due to the Company based on the apportionment mechanism described in paragraph 5.4 below.


More Definitions of Retention Sum

Retention Sum means the sum of £2,000,000 to be paid by the Warrantors into the Retention Account at Completion in accordance with the Put Option Sale Agreement
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Retention Sum means the sum of £800,000;
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Retention Sum means the sum retained by the Purchaser’s lender under clause 7;
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Retention Sum means the sum of L1,250,000;
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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
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Retention Sum means the sum of £1,000,000.00 to be paid into the Sterling Nominated Retention Account in accordance with clause 6 S & I Properties means Switchgear and Instrumentation Properties Limited (No. 5464761)
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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
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