Common use of CCIP Credit Clause in Contracts

CCIP Credit. Contractor may withhold from any amounts otherwise due Subcontractor an amount up to 125% of the expected CCIP credit. An estimated CCIP credit will be calculated based on the Form 1a – Coverage and Rate Verification Worksheet (“Form 1a”) submitted prior to or at the beginning of the Work. A Change Order will be issued for the estimated credit. This change order will be billed no later than the final invoice submitted before retention is released. After the final Form 4 – Monthly On-Site Payroll Report has been received the actual credit will be calculated and a Final CCIP Change Order will be issued to adjust the CCIP credit.

CCIP Credit. Contractor may withhold from any amounts otherwise due Subcontractor an amount up to 125% of the expected CCIP credit. An estimated CCIP credit will be calculated based on the Form 1a – - Coverage and Rate Verification Worksheet (“"Form 1a”") submitted prior to or at the beginning of the Work. A Change Order will be issued for the estimated credit. This change order will be billed no later than the final invoice submitted before retention is released. After the final Form 4 – - Monthly On-Site Payroll Report has been received the actual credit will be calculated and a Final CCIP Change Order will be issued to adjust the CCIP credit.