Common use of Construction Completion Holdback Clause in Contracts

Construction Completion Holdback. If upon Traffic Availability the Contractor has not achieved Construction Completion, the Contractor shall within 30 days thereafter prepare and deliver to the Province a comprehensive workplan and schedule acceptable to the Province, acting reasonably, designed to achieve Construction Completion within a reasonable time thereafter. Following delivery and acceptance of such workplan and schedule, the Contractor shall keep the Province fully advised of all activity and progress in carrying out the workplan. If the Contractor fails to deliver a workplan and schedule within such 30 day period or, having delivered it, fails in any material respect to diligently carry out the workplan in accordance with the schedule, then the Province may hold back from any Payment an amount of up to twice the cost, estimated by the Province acting reasonably, of achieving Construction Completion. The holdback shall be proportionately released to the Contractor, without interest, as the remaining work is done (but not more frequently than monthly). When Construction Completion is achieved, the Province shall release the remaining balance of the holdback to the Contractor, without interest. If Construction Completion is not achieved within one year after Traffic Availability, the Province may by notice to the Contractor elect to do the remaining work required to achieve Construction Completion and in that event may retain the remaining balance of the holdback as liquidated damages.

Construction Completion Holdback. If upon Traffic Availability the Contractor has not achieved Construction Completion, the Contractor shall within 30 days thereafter prepare and deliver to the Province a comprehensive workplan and schedule acceptable to the Province, acting reasonably, designed to achieve Construction Completion within a reasonable time thereafter. Following delivery and acceptance of such workplan and schedule, the Contractor shall keep the Province fully advised of all activity and progress in carrying out the workplan. If the Contractor fails to deliver a an acceptable workplan and schedule within such 30 day period or, having delivered it, fails in any material respect to diligently carry out the workplan in accordance with the schedule, then the Province may hold back from any Payment an amount of up to twice the cost, estimated by the Province acting reasonably, of achieving Construction Completion. The holdback shall be proportionately released to the Contractor, without interest, as the remaining work is done (but not more frequently than monthly). When Construction Completion is achieved, the Province shall release the remaining balance of the holdback to the Contractor, without interest. If Construction Completion is not achieved within one year after Traffic Availability, the Province may by notice to the Contractor elect to do the remaining work required to achieve Construction Completion and in that event may retain the remaining balance of the holdback as liquidated damages.

Construction Completion Holdback. ‌ If upon RNI Traffic Availability the Contractor has not achieved Construction Completion, the Contractor shall within 30 days thereafter prepare and deliver to the Province a comprehensive workplan and schedule acceptable to the Province, acting reasonably, designed to achieve Construction Completion within a reasonable time thereafter. Following delivery and acceptance of such workplan and schedule, the Contractor shall keep the Province fully advised of all activity and progress in carrying out the workplan. If the Contractor fails to deliver a an acceptable workplan and schedule within such 30 day period or, having delivered it, fails in any material respect to diligently carry out the workplan in accordance with the schedule, then the Province may hold back from any Payment an amount of up to twice the cost, estimated by the Province acting reasonably, of achieving Construction Completion. The holdback shall be proportionately released to the Contractor, without interest, as the remaining work is done (but not more frequently than monthly). When Construction Completion is achieved, the Province shall release the remaining balance of the holdback to the Contractor, without interest. If Construction Completion is not achieved within one year after RNI Traffic AvailabilityAvailability the (“Construction Completion Deadline”), the Province may by notice to the Contractor elect to to, but is not required to, do the remaining work required to achieve Construction Completion and in that event may retain the remaining balance of the holdback as liquidated damages. Notwithstanding the previous paragraph, and in addition to the rights of the Province under the previous paragraph, the Province shall be entitled to a Payment Adjustment in the sum of $2,500 per day for each day or partial day after the Construction Completion Deadline that Construction Completion has not been achieved.

Construction Completion Holdback. If upon Traffic Availability the Contractor has not achieved Construction Completion, the Contractor shall within 30 days thereafter prepare and deliver to the Province a comprehensive workplan and schedule acceptable to the Province, acting reasonably, designed to achieve Construction Completion within a reasonable time thereafter. Following delivery and acceptance of such workplan and schedule, the Contractor shall keep the Province fully advised of all activity and progress in carrying out the workplan. If the Contractor fails to deliver a workplan and schedule within such 30 day period or, having delivered it, fails in any material respect to diligently carry out the workplan in accordance with the schedule, then the Province may hold back from any Payment an amount of up to twice the cost, estimated by the Province acting reasonably, of achieving Construction Completion. The holdback shall be proportionately released to the Contractor, without interest, as the remaining work is done (but not more frequently than monthly)done. When Construction Completion is achieved, the Province shall release the remaining balance of the holdback to the Contractor, without interest. If Construction Completion is not achieved within one year after Traffic Availability, the Province may by notice to the Contractor elect to do the remaining work required to achieve Construction Completion and in that event may retain the remaining balance of the holdback as liquidated damages.