Construction Completion Holdbacks Clause Samples

Construction Completion Holdbacks. ‌ In respect of each School, if upon School 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 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, any Adjusted School Capital Payment and any School M&R Payment, an amount of up to twice the amount of the Independent Certifier’s estimate provided (and if applicable, adjusted), in accordance with Section 5.15 of the cost of achieving Construction Completion. The holdback shall be released to the Contractor, without interest, when Construction Completion is achieved. However, if Construction Completion is not achieved within 60 days after School Availability (or such longer period as may be agreed by the Province, acting reasonably, but in any event not exceeding 12 months after School Availability), the Province shall request that the Independent Certifier provide an estimate of the cost of achieving Construction Completion based on the work that the Contractor has not completed by the date of such request. 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 as liquidated damages an amount of up to twice the amount of the Independent Certifier’s estimate of the cost to complete the work remaining to be done to achieve Construction Completion and the balance of the holdback shall be released to the Contractor without interest.