Retention Release. The County’s release of the retention does not relieve the Contractor of its responsibility to comply with both the proposed Scope of Work and the terms and conditions of the Job Order and Contract for completed and warranty Work. The Contractor agrees that a condition precedent to the County’s release of the five percent (5%) retention amount is in full compliance with this provision herein. The Contractor must submit a completed invoice to the County for approval. The Contractor agrees that the signature on the invoice certifies that it has completed or submitted the following:
Retention Release. After the occurrence of the conditions described in paragraph 4 above, the Retention Payment will be paid to you in a lump sum no later than 60 days after December 31, 2014 (or upon such earlier date as may be determined by agreement between the Board and the Chief Executive Officer, in their sole discretion) and within 5 days after the release described below becomes effective and is no longer subject to revocation (the “Retention Payment Date”), provided that, to the extent the Retention Payment is subject to Code Section 409A, if the date of execution of the release could result in the Retention Payment Date occurring in either the calendar year in which your termination date occurs or the following calendar year, the Retention Payment Date shall be on the first payroll date occurring in such following calendar year. The Retention Payment shall not be payable unless and until you execute and deliver a full and final release of claims against XX Xxxxxx, its affiliates, subsidiaries, officers and directors, in accordance with XX Xxxxxx’ standard practice for severance payments in a form attached hereto as Exhibit A, that is no longer subject to revocation in accordance with applicable law on the Retention Payment Date; and provided, further, that such release will not require you to waive any rights related to vested stock options, Transaction Management Incentive Plan Payments or other vested equity grants issued by XX Xxxxxx or its affiliates.
Retention Release. 25.1 At practical completion of the Project, retentions held by Savcor ART will be reduced by 50%.
Retention Release. Contractor of its responsibility to comply with both the proposed Scope of Work and the terms and conditions of the Job Order and Contract for completed and warranty Work. The Contractor agrees that a 5%) retention amount is in full compliance with this provision herein. The Contractor must submit a completed invoice to the County for approval. The Contractor agrees that the signature on the invoice certifies that it has completed or submitted the following:
Retention Release ase of the retention does not relieve the Contractor of its responsibility to comply with both the proposed Scope of Work and the terms and conditions of the Job Order and Contract for completed and warranty work. The Contractor agrees that a condition prec five percent (5%) retention amount is in full compliance with this provision herein. The Contractor must submit a completed invoice to the County for approval. The Contractor agrees that the signature on the invoice certifies that it has completed or submitted the following:
Retention Release. 213. The Payment Claim included a claim for an amount of $55,496.89 to be released. 214. The Payment Schedule noted that as Substantial Completion had been achieved it was intended to release 50% of the retention fund calculated as 5% of $2,176,187.95, or a release of $54,404.70. The contract value to date of $2,176,187.95 is based on the Payment Schedule figure. 215. As set out hereunder, my decisions mean that the contract value to date is to be increased by an amount of $8,524.60. This brings the contract value to date to $2,184,712.55, and the amount of retention to be released following Substantial completion (2.5% of adjusted contract sum) to be $54,617.81. 216. I find that the Claimant is entitled to retention release by payment of an amount of $54,617.81. Summary of Decided Values 217. The following summarises the above valuations: Tendered Works Roofing 0.00 Wall finishes 0.00 Building Plant-Electrical 0.00 $0.00 Variation Claims RFV1 0.00 RFV18 0.00 RFV20 0.00 RFV22a 0.00 RFV23 3,740.00 RFV26 0.00 RFV28 0.00 RFV33 0.00 RFV35 0.00 RFV37 1,588.00 RFV53 1,045.00 RFV54 930.60 RFV55 495.00 RFV56 726.00 RFV57 0.00 $8,524.60 Delay costs Delay Cost No.1 0.00 Delay Cost No.2 0.00 Delay Cost No.3 0.00 $0.00 Set Off $(14,028.48) Retention release $54,617.81 Payment Due $49,113.93 218. It is my decision that the adjudicated amount to be paid by the Respondent to the Claimant is $49,113.93. N. Rate of Interest 219. I am required by the Act to determine the interest payable on any amount payable. 220. The work under the Contract is building work subject to the provisions of Clause 67P of the Queensland Building Services Authority Act 1991 (QBSAA). Accordingly the interest rate payable is the penalty rate prescribed under that act or the rate provided in the Contract, whichever is the higher.
Retention Release responsibility to comply with both the proposed Scope of Work and the terms and conditions of the JOC Task Order and Contract for completed and warranty Work. The Contractor agrees that five percent (5%) retention amount is in full compliance with this provision herein. The Contractor must submit a completed invoice to the County for approval. The Contractor agrees that the signature on the invoice certifies that it has completed or submitted the following:
