Common use of Establishment of Amount of to be Withheld for Punchlist Items Clause in Contracts

Establishment of Amount of to be Withheld for Punchlist Items. In general, the amount to be withheld from the Payment for Material Completion and to be paid upon Final Completion shall be equal to 200% of the Design Professional’s value of completing the Work for each Minor Item or Permitted Incomplete Work. The following additional amounts to be withheld shall be applied where applicable.

Establishment of Amount of to be Withheld for Punchlist Items. In general, the amount to be withheld from the Payment for Material Completion and to be paid upon Final Completion shall be equal to 200% two hundred percent of the Design Professional’s value of completing the Work for each Minor Item or Permitted Incomplete WorkWork (Scheduled Warranty Items). The following additional amounts to be withheld shall be applied where applicable.