Application of Retainage Sample Clauses

Application of Retainage. In the event the Owner determines that any of the Contract Work is damaged or defective and requires repair, replacement, rebuilding or restoration upon the expiration of the applicable warranty period, the Owner will Notify the Contractor of the same within ten (10) days of the expiration of the applicable warranty period and the Contractor shall promptly take such action as directed in the Notice to remedy the damaged or defective Contract Work described in the Notice. If the Contractor fails to repair, replace, rebuild or restore such defective or damaged Contract Work promptly after receiving such Notice, the Owner shall have the right to have such work done by others in the same manner as provided for the completion of a contract under Article 7 hereof and to deduct the cost thereof from any Retainage retained pursuant to this Article 11. The balance, if any, shall be returned to the Contractor without interest. If the amount so deposited is insufficient to cover the cost of such work, the Contractor shall be liable to pay such deficiency to the Owner on demand. The Owner’s certificate setting forth the fair and reasonable cost of repairing, replacing, rebuilding or restoring any damaged or defective Contract Work when performed by anyone other than the Contractor shall be binding and conclusive upon the Contractor.
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Related to Application of Retainage

  • Application of Agreement 4.1 This Agreement applies to:

  • Application for Payment The form acceptable to Owner that is to be used by the Contractor during the course of the Work in requesting payment from the Owner and that is to be accompanied by such supporting documentation as is required by the Contract Documents.

  • Acceptance and Application of Partial Payments Lender may accept and either apply or hold in suspense Partial Payments in its sole discretion in accordance with this Section 2. Lender is not obligated to accept any Partial Payments or to apply any Partial Payments at the time such payments are accepted, and also is not obligated to pay interest on such unapplied funds. Lender may hold such unapplied funds until Borrower makes payment sufficient to cover a full Periodic Payment, at which time the amount of the full Periodic Payment will be applied to the Loan. If Borrower does not make such a payment within a reasonable period of time, Lender will either apply such funds in accordance with this Section 2 or return them to Borrower. If not applied earlier, Partial Payments will be credited against the total amount due under the Loan in calculating the amount due in connection with any foreclosure proceeding, payoff request, loan modification, or reinstatement. Lender may accept any payment insufficient to bring the Loan current without waiver of any rights under this Security Instrument or prejudice to its rights to refuse such payments in the future.

  • Application of Payments Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect.

  • Application of Payment The monthly housing assistance payment shall be credited against the monthly rent to owner for the contract unit.

  • Application of Contract Provisions The parties agree that the following contract provisions shall not apply to these employees:

  • Application Form By electronically signing or submitting the Application Form you:

  • Application for Use a. The Employer agrees to accept properly executed leave applications within six (6) months of the first day of the period of leave being requested.

  • Application of Collective Agreement (a) The operation of this Article shall not be construed as a violation of the posting and/or scheduling provisions of Articles 7: Hours of Work and Scheduling Provisions and 14: Promotions, Transfers & Vacancies.

  • Application for Benefits Requests for short-term leaves shall be in writing, upon the appropriate form prescribed and provided by the District, and shall be filed with the unit member's supervisor and the appropriate manager five (5) days in advance of the intended leave (except in emergency situations), unless otherwise stated by the provisions of the specific leave.

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