Common use of Partial Payments/Retainage Clause in Contracts

Partial Payments/Retainage. The Contractor shall submit a requisition for partial payment on the last day of each month, for the preceding month. The Contractor's requisition for partial payment shall be on (2) two original and notarized AIA forms G701 and G702, submitted to the Project Coordinator. It shall be subdivided into items corresponding with the items listed on the approved Schedule of Values. Requisitions for partial payment will not be processed until the Schedule of Values has been approved.