Lien Holdback Sample Clauses

Lien Holdback. Lien Holdback means the ten percent (10%) holdback retained pursuant to Part IV of the Construction Act.
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Lien Holdback. (a) The Owner shall withhold from each payment with respect to the Fixed Contract Price due to the Contractor during the Project, the Lien Holdback Amount. The Owner may increase the Lien Holdback Amount by the amount of any holdback necessary or desirable as a result of registered Liens or claims for Liens, notice of which may have been received by the Owner.
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Lien Holdback. Payment of all amounts under this Agreement shall also be subject to holdback, if applicable, under the lien legislation and regulations of the applicable province or territory of the location to which the Products or Services are to be delivered. Such holdback, if applicable, will be paid in accordance with the lien legislation and regulations of the applicable province or territory, subject to any other rights of Buyer under this Agreement or at law. Seller shall upon request of the Buyer at any time either prior to final payment and as a condition precedent thereto or subsequent to final payment, deliver to the Buyer statutory declarations and releases in the Buyer’s form confirming there are no claims, hypothecs and liens in relation to the Products or Services, including claims and liens of persons performing any labour and/or furnishing any material hereunder.
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Lien Holdback. That portion, if any, of the Purchase Price required by law to be held back by the Purchaser in respect of potential builders lien claimants (the “Lien Holdback”) will be paid to the Vendor’s Solicitor on the Completion Date. The Lien Holdback will be held by the Vendor’s Solicitor in trust pursuant to the Strata Property Act and the Builders Lien Act, with interest to the benefit of the Vendor, solely in respect of builders lien claims registered in the applicable Land Title Office in connection with work done at the request of the Vendor. The Vendor’s Solicitors are authorized to pay to the Vendor the Lien Holdback plus interest earned less the amount representing builders lien claims filed against the Strata Lot on the 56th day after the earlier of the date construction of the services in the strata plan is completed or the Completion Date (the earlier of which is referred to as the “Substantial Completion Date”). The Purchaser or Purchaser’s Solicitor or notary public is solely responsible to notify the Vendor’s Solicitor of any builders’ lien claims filed against the Strata Lot by 1:00 p.m. the Substantial Completion Date. The Purchaser hereby authorizes the Vendor and the Vendor’s Solicitors to do all things necessary to discharge any liens, including bringing court proceedings in the name of the Purchaser, provided that any such proceedings will be solely at the expense of the Vendor.
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Related to Lien Holdback

  • Holdback (a) From and after Closing, the Deposit shall remain in the Deposit Escrow Account to support Seller’s performance of its obligations pursuant to Section 2.7 (other than any such obligations with respect to any adjustment to the Purchase Price pursuant to Section 2.3(a)(ii)(A), which shall be addressed only using amounts in the Defect Escrow Account as expressly provided in Article 3 and Article 4) and Section 10.2(a) until fully distributed as provided in this Section 10.9. On the first Business Day after the expiration of the Holdback Period, subject to the remainder of this Section 10.9, Buyer and Seller shall jointly instruct the Escrow Agent to release to Seller any amount then-remaining in the Deposit Escrow Account except for an amount equal to the aggregate amount of all outstanding claims for indemnification by Buyer pursuant to Section 10.2 for which Buyer has, in good faith, provided notice to Seller prior to the expiration of the Holdback Period and that have not been previously satisfied in full, which amounts shall remain part of the Deposit Escrow Account until final resolution of such outstanding indemnity claims (the “Disputed Claims”). Upon final resolution or determination of all Disputed Claims by the Parties, as applicable, Buyer and Seller shall deliver to the Escrow Agent joint written instructions to disburse to Buyer from the Deposit Escrow Account an amount equal to the amount so finally determined to be owed to Buyer (if any), and all other amounts remaining in the Deposit Escrow Account in respect of such Disputed Claim shall be disbursed to Seller. If Buyer and Seller fail to deliver a joint written instruction to the Escrow Agent in accordance with the foregoing sentence within three (3) Business Days following the final resolution or determination of the applicable Disputed Claim, then the Escrow Agent shall, upon delivery by Buyer or Seller to the Escrow Agent of a written final, non-appealable court order from a court of competent jurisdiction relating to such Disputed Claim, disburse an amount from the Deposit Escrow Account in respect of such Disputed Claim as provided in the immediately preceding sentence.

  • No Holdbacks The principal amount of the Mortgage Loan stated on the Mortgage Loan Schedule has been fully disbursed as of the Closing Date and there is no requirement for future advances thereunder (except in those cases where the full amount of the Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to leasing, repairs, occupancy, performance or other matters with respect to the related Mortgaged Property, the Mortgagor or other considerations determined by the Mortgage Loan Seller to merit such holdback).

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