Partial Retainage Release Sample Clauses
The Partial Retainage Release clause allows for the release of a portion of retained funds to a contractor before the final completion of a project. Typically, this clause specifies conditions under which a certain percentage of the retainage can be paid out, such as upon substantial completion of specific project milestones or after satisfactory inspection of completed work. Its core practical function is to improve cash flow for contractors while still providing the owner with financial security to ensure project completion and quality.
Partial Retainage Release. For a Contract that provides for a separate vegetative establishment and maintenance, and test and performance periods following the completion of all other construction in the Contract Documents for all Work locations, the City may release a portion of the amount retained provided that all other work is completed as determined by the City. Before the release, all submittals and final quantities must be completed and accepted for all other work. An amount sufficient to ensure Contract compliance will be retained.