Common use of After one Clause in Contracts

After one. half (1/2) of the Contract Sum has been paid, upon submission of the next Payment Application following the payment of one-half of the Contract Sum, if the Work is on or ahead of schedule according to the Overall Project Schedule and there are no unresolved breaches of Non-Compliant Work, CM/GC may request that Owner stop the collection of retainage. Upon Owner approval, the previously withheld retainage will be converted to a lump sum to be held by Owner until Material Completion and Owner will collect no additional retainage unless retainage is reinstated. Reinstatement of Retainage. After retainage is frozen under Section 4.2.1.1, Owner will reinstate collection of retainage if the Work is five percent (5%) or more behind schedule according to the Overall Project Schedule or if CM/GC breaches a Notice of Non-Compliant Work. Owner will continue the collection of retainage under this Section until the breach is cured or the time is recovered and the Project is on or ahead of schedule. Retainage Release. When Material Completion is achieved, retainage shall be paid to the CM/GC with the payment for Material Completion in accordance with the terms of Section 6.

After one. half (1/2) of the Contract Sum has been paid, upon submission of the next Payment Application following the payment of one-half of the Contract Sum, if the Work is on or ahead of schedule according to the Overall Project Schedule and there are no unresolved breaches of Non-Compliant Work, CM/GC may request that Owner stop the collection of retainage. Upon Owner approval, the previously withheld retainage will be converted to a lump sum to be held by Owner until Material Completion and Owner will collect no additional retainage unless retainage is reinstated. Reinstatement of Retainage. After retainage is frozen under Section 4.2.1.1, Owner will reinstate collection of retainage if the Work is five percent (5%) or more behind schedule according to the Overall Project Schedule or if CM/GC breaches a Notice of Non-Compliant Work. Owner will continue the collection of retainage under this Section until the breach is cured or the time is recovered and the Project is on or ahead of schedule. Retainage Release. When Material Completion is achieved, retainage shall be paid to the CM/GC with the payment for Material Completion in accordance with the terms of Section 6.