Common use of PAYMENT AND RETAINAGE Clause in Contracts

PAYMENT AND RETAINAGE. 7.4.1 Within fourteen (14) days following the receipt of the Design Professional certificate of approval for payment and the written detailed findings of items not approved, if any, the Owner shall pay to the CM@Risk the amount due on the progress payment application. However, the payment shall be limited to 90% of the approved value of the construction work in place and the value of materials suitably stored in accordance with Section 7.6.1 below of these General Conditions during the month being billed. The remaining 10% shall be retained by the Owner until the Contract is 50% complete at which time the retainage shall be reduced to no more than 5%; provided that: (a) the CM@Risk is making satisfactory progress on the Contract; and (b) in the Owner’s sole judgment, there is no specific cause or claim requiring a greater amount than 5% to be retained. Thereafter, the Owner shall pay the CM@Risk 95% of the value of the construction work and materials on approved progress xxxxxxxx, unless and until it determines satisfactory progress is not being made, at which time the 10% Retainage may be reinstated. Such 10% reinstatement would be 10% of the total contract value of construction work in place and materials stored. The Owner’s determination concerning the satisfactory progress of the Work for retainage adjustment purposes shall be final. 7.4.2 Within sixty (60) calendar days after the issuance of the Certificate of Final Completion and receipt by Owner of all other documents required from CM@Risk by the Contract Documents, all retained amounts shall be paid to CM@Risk as part of Final Payment provided however; a) the Final Payment shall not become due from Owner until the CM@Risk delivers to the Owner all items set forth in Section 7.9.2, including full and final unconditional releases in statutory form from all Subcontractors and major Suppliers acknowledging that they have received payment in full. Any claim filed thereafter shall be the responsibility of the CM@Risk, and b) if any claim does remain unsatisfied after all payments are made by Owner, the CM@Risk shall immediately upon demand refund to the Owner all monies that the latter may be compelled to pay in discharging such unsatisfied claim including all costs, interest and attorneys’ fees.

PAYMENT AND RETAINAGE. 7.4.1 Within fourteen (14) days following the receipt of the Design Professional certificate of approval for payment and the written detailed findings of items not approved, if any, the Owner shall pay to the CM@Risk the amount due on the progress payment applicationapplication to the CM@Risk. However, the payment shall be limited to 90% of the value approved value of the construction work in place and the value of for materials suitably stored in accordance with Section 7.6.1 below of these General Conditions during the month being billed. The remaining 10% shall be retained by the Owner until the Contract is 50% complete at which time the retainage shall be reduced to no more than 5%; provided that: (a) the CM@Risk is making satisfactory progress on the Contract; and (b) in the Owner’s sole judgment, there is no specific cause or claim requiring a greater amount than 5% to be retained. Thereafter, the Owner shall pay the CM@Risk 95% of the value of the construction work and materials on approved progress xxxxxxxx, unless and until it determines satisfactory progress is not being made, at which time the 10% Retainage may be reinstated. Such 10% reinstatement would be 10% of the total contract value of construction work in place and materials stored. The Owner’s determination concerning the satisfactory progress of the Work for retainage adjustment adjustments purposes shall be final. 7.4.2 Within sixty (60) calendar days after the issuance of the Certificate of Final Completion and receipt by Owner of all other documents required from CM@Risk by the Contract Documents, all retained amounts shall be paid to CM@Risk as part of Final Payment provided however; a) the Final Payment shall not become due from Owner until the CM@Risk delivers to the Owner all items set forth in per Section 7.9.27.9.2 requirements, including full and final unconditional releases in statutory form from all Subcontractors and major Suppliers acknowledging that they have their having received payment in full. Any claim filed thereafter shall be the responsibility of the CM@Risk, and b) if any claim does remain unsatisfied after all payments are made by Owner, the CM@Risk shall immediately upon demand refund to the Owner all monies that the latter may be compelled to pay in discharging such unsatisfied claim including all costs, interest and attorneys’ fees.