Common use of Payment of Retention Clause in Contracts

Payment of Retention. The retention percentage stated in the Particular Conditions shall be deducted from any sum due to the Contractor under this contract (“Retention”). The Retention shall be paid to the Contractor in accordance with clause 8.1 following submission of an invoice by the Contractor after issue of the Certificate of Final Completion. Following issue of the Certificate of Substantial Completion, if agreed by UNICEF, the Retention shall be paid to the Contractor if the Contractor submits to UNICEF an unconditional on demand retention bond for the full value of the Retention which shall be enforceable until issue of the Certificate of Final Completion in a form and from a surety acceptable to UNICEF.

Payment of Retention. The retention percentage stated in the Particular Conditions shall be deducted from any sum due to the Contractor under this contract (“Retention”). The Retention shall be paid to the Contractor in accordance with clause 8.1 10.1 following submission of an invoice by the Contractor after issue of the Certificate of Final Completion. Following issue of the Certificate of Substantial Completion, if agreed by UNICEF, the Retention shall be paid to the Contractor if the Contractor submits to UNICEF an unconditional on demand retention bond for the full value of the Retention which shall be enforceable until issue of the Certificate of Final Completion in a form and from a surety acceptable to UNICEF.