Holdback and Final Payment Clause Samples
Holdback and Final Payment. The Centre will retain a certain percentage of the available Centre Funds until the receipt of the final technical report and final financial report described respectively in Part 3 - Schedule of Project Milestones and in Section A16. The actual amount of the final payment will take into account the total actual expenditures of the Project. The actual final payment will be such that the net grant amount administered by the Recipient will not be exceeded. Additional specific conditions attached to the release of the final payment may be present in Part 3 - Schedule of Project Milestones and Part 4 – Project Budget.
Holdback and Final Payment. ▇▇▇▇▇▇ may withhold and remit to Canada Revenue Agency any amounts required to be withheld and remitted pursuant to the Income Tax Act (Canada) and the regulations thereto. ▇▇▇▇▇▇ may retain as a holdback a percentage of the invoiced amount as is appropriate according to applicable tax legislation and construction lien legislation governing the Work site. Supplier may post a bond acceptable to ▇▇▇▇▇▇ in lieu of ▇▇▇▇▇▇ retaining a holdback. Supplier may invoice for final payment of all sums due to Supplier hereunder after acceptance in writing by ▇▇▇▇▇▇ of the completed Work, provided Supplier will have given to ▇▇▇▇▇▇ evidence satisfactory to ▇▇▇▇▇▇ that all privileges, liens, claims, obligations and liabilities against the property of ▇▇▇▇▇▇ or chargeable to ▇▇▇▇▇▇ have been fully paid, satisfied and released.