Common use of Exclusion of Retention Clause in Contracts

Exclusion of Retention. a. In conformance with 49 CFR, Part 26, Subpart B, Section 26.29 (b)(1), the retention of proceeds required by Public Contract Code (“PCC”), Section 10261 shall not apply. In conformance with PCC, Section 7200 (b), in subcontracts between the Construction Manager and a subcontractor and in subcontracts between a subcontractor and any subcontractor thereunder, retention proceeds shall not be withheld, and the exceptions provided in PCC 7200 (c), shall not apply. At the option of the Construction Manager, subcontractors may be required to furnish payment and performance bonds issued by an admitted surety insurer.

Exclusion of Retention. a. A. In conformance with 49 CFR, Part 26, Subpart B, Section CFR 26.29 (b)(1b) (1), the retention of proceeds required by Public Contract Code (“PCC”), Section 10261 shall not apply. . B. In conformance with PCC, PCC Section 7200 (b), in subcontracts between the Construction Manager Contractor and a subcontractor and in subcontracts between a subcontractor and any other subcontractor thereunderof any tier, retention proceeds shall not be withheld, and the exceptions provided in PCC Section 7200 (c), shall not apply. At the option of the Construction ManagerContractor, subcontractors subcontractor(s) may be required to furnish payment and performance bonds issued by an admitted surety insurer. C. Any subcontract entered into as a result of this Agreement shall contain all of the provisions of this Section 23.