Deficiency Holdback. 5.8.1 Notwithstanding any provisions contained in the Contract Documents concerning certification and release of monies to the Contractor, the Owner reserves the right to establish a deficiency holdback, at the time of the review for Substantial Performance of the Work, based on a 200% dollar value of the deficiencies listed by the Consultant. 5.8.2 In performing the calculation under GC 5.8.1, .1 no individual deficiency will be valued at less than five hundred dollars ($500.00); and .2 for any Close-Out Documentation not submitted in advance of or as part of the Contractor’s application for Substantial Performance of the Work, an amount shall be retained by the Owner as part of the deficiency holdback that is equal to the estimated time and material costs to retain a third-party to re-create the applicable Close-Out Documentation, as determined by the Consultant, until such time as the applicable Close-Out Documentation is submitted and approved. 5.8.3 The deficiency holdback shall be due and payable to the Contractor on the 61st day following completion of all of the deficiencies listed by the Consultant, there being no claims for lien registered against the title to the Place of the Work issued in accordance with the Construction Act, and less any amounts disputed under an Owner’s Notice of Non-Payment (Form 1.1).”
Deficiency Holdback. 24.1 The City will retain a holdback of two (2) times the City's estimated value of any work that is considered deficient or incomplete at the time of Substantial Performance.
Deficiency Holdback. The Owner may hold back from any amounts due or coming due to RB an amount equal to 150% of the Payment Certifier's estimated cost of correcting and repairing the defects and deficiencies as determined pursuant to section 10.3 of this Agreement until the said defects and deficiencies have been corrected and repaired. The Owner shall, upon the periodic application of RB, release the amounts held back on account of defects and deficiencies as such defects and deficiencies are corrected and repaired and certified by the Payment Certifier as corrected and repaired.
Deficiency Holdback. The Company may withhold payment from the University for any defect or deficiency set out in the Deficiency List in an amount (the "Deficiency Amount") equal to two (2) times the reasonable estimate of the cost to correct the defect or deficiency, as determined by the Company acting reasonably. Upon correction of the defect or deficiency, the University may submit an invoice in accordance with Section Error! Reference source not found. for the Deficiency Amount. 4162714006080_6IRi\C 02/08/2018 2:26:41 PM Article 7 TÈtle
