Payment After Cure. When the grounds for declining approval are removed, payment shall be made for amounts withheld because of them. No interest shall be paid on any retention or amounts withheld due to the failure of the Contractor to perform in accordance with the terms and conditions of the Contract Documents.
Payment After Cure. When Developer removes the grounds for declining approval, payment shall be made for amounts withheld because of them. No interest shall be paid on any retainage or amounts withheld due to the failure of Developer to perform in accordance with the terms and conditions of the Contract Documents.
Payment After Cure. When CMR cures the grounds for declining approval, payment shall be made for amounts so withheld. No interest shall be paid on any retention or amounts withheld due to the
Payment After Cure. If the Contractor removes the grounds for withholding payment, the AOC shall pay the Contractor the applicable withheld amount. No interest shall be paid on any retainage or amounts withheld. Economic Price Adjustments Beginning upon completion of the initial term of the Agreement, the Firm Fixed Price shall be adjusted on each anniversary of the Effective Date to account for construction cost escalation or de-escalation. The adjustments will be made according to the following: A Base Year Index shall be calculated by averaging the 12 month Construction Cost Indices (CCI) for the appropriate area (see below) published in the Engineering News Record (“ENR”) for the 12 months immediately prior to the month of the Effective Date. A Current Year Index shall be calculated by averaging the 12 month Construction Cost Indices (CCI) for the appropriate area (see below) published in the ENR for the 12 months immediately prior to the month of the annual Agreement anniversary. The Economic Price Adjustment shall be calculated by dividing the Current Year Index by the Base Year Index. Contractor’s original Firm Fixed Price shall be multiplied by the Economic Price Adjustment to obtain Contractor’s new Firm Fixed Price for the next 12 months. Averages shall be obtained by summing the 12 month indices and dividing by 12. All calculations in this section shall be carried to the fifth decimal place and rounded to the fourth decimal place. The following rules shall be used for rounding: The fourth decimal place shall be rounded up when the fifth decimal place is five (5) or greater. The fourth decimal place shall remain unchanged when the fifth decimal place is less than five (5). ENR occasionally revises indices following their issuance. CCI’s used in the calculations described above shall be those currently published at the time the Economic Price Adjustment calculation is performed. No retroactive adjustments shall be made as a result of any ENR revision to its published indices. For the AOC’s Bay Area/Northern Coastal region and the Northern/Central region, the San Francisco CCI published in ENR shall be utilized as the basis for the adjustment. For the AOC’s Southern region, the Los Angeles CCI published in ENR shall be utilized as the basis for the adjustment. Inflationary adjustments for Work performed pursuant to the JOC Agreement are detailed in the JOC Agreement. State Budget Notwithstanding anything in this Agreement to the contrary, an event of default by the AO...
Payment After Cure. When Contractor removes the grounds for declining approval for the release of withholds, payment shall be made for amounts withheld because of them. No interest shall be paid on any or amounts withheld due to the failure of the Contractor to perform in accordance with the terms and conditions of the Contract Documents.
7.7. SUBSTITUTE SECURITY FOR RETENTION ON ALLOWANCES, CONTRACTOR CONTINGENCY, AND CHANGE ORDERS.
7.7.1. Eligible and equivalent securities may be substituted for any monies withheld by the District to ensure the Contractor’s performance under the Contract Documents at the request and expense of the Contractor and in conformity with the provisions of California Public Contract Code §22300. The foregoing and the provisions of California Public Contract Code §22300 notwithstanding, failure of the Contractor to request the substitution of eligible and equivalent securities for monies to be withheld by the District within ten (10) days following the execution of the Contract Documents to Contractor shall be deemed a waiver of such right.
Payment After Cure. When County removes the grounds for declining approval, payment will be made for amounts withheld because of them. No interest will be paid on any amounts withheld pursuant to section 4 of the Payment Provisions.
