Common use of Construction Retainage Clause in Contracts

Construction Retainage. An amount equal to five percent (5%) of the Maximum Amount of Advances shall be retained by the Board. Such Retainage shall be disbursed upon completion of the construction, equipping and furnishing of the Improvements, provided: 6.10.1. A Construction Advance Request shall have been submitted to the Board with respect to such retainage; 6.10.2. A Certificate of Completion shall have been submitted to the Board, accompanied by a certificate of occupancy for the Improvements and such other written evidence reasonably required by the Board of the approval of the municipality where the Improvements are located, reflecting that the Improvements in their entirety are available for permanent occupancy;