Common use of Construction Contracts Only Clause in Contracts

Construction Contracts Only. The Contractor agrees that ten percent (10%) of monies earned by Contractor shall be retained by City/CRA until fifty percent (50%) completion of the project. After 50% completion of the project and prior to Final Payment, City shall retain five percent (5%) of monies earned by Contractor. The City may retain amounts greater than those set forth above that are the subject of a good faith dispute pursuant to Federal Statute 255.078 (6), the subject of a claim brought pursuant to Section 255.05, Florida Statutes, or otherwise the subject of a claim or demand by the City/CRA or Contractor.

Construction Contracts Only. The Contractor agrees that ten percent (10%) of monies earned by Contractor shall be retained by City/CRA City until fifty percent (50%) completion of the project. After 50% completion of the project and prior to Final Payment, City shall retain five percent (5%) of monies earned by Contractor. The City may retain amounts greater than those set forth above that are the subject of a good faith dispute pursuant to Federal Statute 255.078 (6), the subject of a claim brought pursuant to Section 255.05, Florida Statutes, or otherwise the subject of a claim or demand by the City/CRA City or Contractor.