Payment of Retainage. District shall make payment of retainage applying to such Work or designated portion thereof after receiving all Close Out Documentation, an affidavit that bills for indebtedness connected with the Work for which District’s property might be encumbered have been satisfied; a certificate to indicate that insurance required by the Contract Documents shall remain in force after final payment is in effect and will not be cancelled or expire until thirty (30) days’ prior written notice is given to District and that Contractor knows of no substantial reason that the insurance will not be renewable to cover the period required by the Contract Documents; the consent of surety to final payment; and valid waivers of all construction lien claims, bond claims, and other claims by Contractor and each subcontractor in a form acceptable to District.
Payment of Retainage. If at the expiration of the applicable warranty period, the Owner determines that the Contractor has faithfully performed all its obligations hereunder to the Owner’s full satisfaction, the Owner will certify the same to the Contractor within twenty (20) days after the expiration of the applicable warranty period. Within thirty (30) days of such certification, the Owner will pay, without interest, any Retainage retained by the Owner as security for warrantied Materials and Equipment and labor.
Payment of Retainage. The Parties agree that Montreat shall be responsible for paying the amount of $110,000 to satisfy the remaining retainage on the Project. Montreat has deposited $110,000 with Fidelity National Title Company as escrow agent (the “Tennoca Funds”), with disbursement as set forth in the Escrow Agreement dated October 9, 2017 and attached hereto as Exhibit A (“Escrow Agreement”), in accordance with the following schedule:
Payment of Retainage. City shall make payment of retainage applying to such Work or designated portion thereof after receiving all Close Out Documentation, an affidavit that bills for indebtedness connected with the Work for which City’s property might be encumbered have been satisfied; a certificate to indicate that insurance required by the Contract Documents shall remain in force after final payment is in effect and will not be cancelled or expire until thirty (30) days’ prior written notice is given to City and that Contractor knows of no substantial reason that the insurance will not be renewable to cover the period required by the Contract Documents; the consent of surety to final payment; and valid waivers of all construction lien claims, xxxx claims, and other claims by Contractor and each subcontractor in a form acceptable to City.
Payment of Retainage. Commercial Operation Date of Unit 1, Contractor shall provide Owner with a Letter of Credit in the form acceptable to Owner and Lender issued from a financial institution acceptable to Owner and Lender attached hereto as Exhibit I-2 (the "Letter of Credit for Retainage"), in an amount equal to the product of the Contract Price multiplied by 0.025. Upon the issuance of this Letter of Credit, Owner shall pay to the Contractor a portion of the Retainage in an amount equal to the product of the Contract Price multiplied by 0.025. At Commercial Operation Date of the Plant, Contractor shall increase the Letter of Credit for Retainage by an amount equal to the product of the Contract Price multiplied by 0.025 (Total amount equal to the product of the Contract Price multiplied by 0.05). Upon issuance of the adjusted Letter of Credit for Retainage by the Contractor, the Owner shall pay to the Contractor a portion of the Retainage equal to the product of the Contract Price multiplied by 0.025. Owner shall have the unconditional right to draw upon such Letter of Credit for Retainage for (i) damages, (ii) compensation, (iii) the completion of Punch List Items if Contractor has failed to complete such Punch List Items, (iv) any reason set forth in under Article 11 and 15, or (v) any other purpose specified in the draw certificate to the Letter of Credit of Retainage. Within thirty (30) days after the Final Acceptance Date, Owner shall return the remaining amount of cash Retainage. At the end of twelve (12) calendar months and twenty (20) days of the Final Acceptance Date, Owner shall return the remaining Letter of Credit for Retainage to the issuing bank with instructions for cancellation.
Payment of Retainage. In the event the Work is progressing on schedule, and without material defects or deficiencies, the Owner may elect to hold no further retainage once the Work is fifty percent (50%) complete. The Owner reserves the right to reinstate full retainage at any time due to issues arising with the Work or the progress thereof. Each release of retainage to Subcontractors who have completed their work prior to Substantial Completion shall be dealt with on a case by case basis, in the Owner’s sole discretion.
