Payment Terms; Retainage Sample Clauses

Payment Terms; Retainage. Owner shall make payment in accordance with this Section 8 and Exhibit ▇. ▇▇▇▇▇▇ Mechanical shall submit Applications for Payment in the form to be mutually agreed upon by the Parties and set forth at Exhibit B requesting payment for all Work performed as of the ▇▇▇▇ of the Application for Payment. The Application for Payment shall be accompanied by all supporting documentation required by the Contract in the form of pay request, and shall include such other documentation as may be reasonably required by Owner’s lender(s). Five percent (5%) will be retained from all payments made hereunder and retained by Owner as “Retainage.” The 5% Retainage will be held on all payments made by the Owner to ▇▇▇▇▇▇ Mechanical until Final Completion. The Retainage is held in part by Owner as security for ▇▇▇▇▇▇ Mechanical’s performance of the Work. The entire Retainage amount is owed to ▇▇▇▇▇▇ Mechanical as the Final Payment once the Work has achieved Final Completion, less any liquidated damages. The Application for Payment may request payment for equipment and materials not yet incorporated into the Plant, provided that (i) Owner is satisfied that the equipment and materials are suitably stored at either the Site (or another acceptable location if approved in writing in advance by Owner), (ii) the equipment and materials are protected by suitable insurance and (iii) upon payment, Owner will receive the equipment and materials free and clear of all liens and encumbrances. Applications for payment may also include the value of incremental progress payments owed by ▇▇▇▇▇▇ Mechanical to vendors of major items of equipment. The Application for Payment shall constitute ▇▇▇▇▇▇ Mechanical’s representation that the Work has been performed consistent with the Contract, has progressed to the point indicated in the Application for Payment, and that title to all Work will pass to Owner free and clear of all claims, liens, encumbrances, and security interests upon the incorporation of the Work into the Plant, or upon ▇▇▇▇▇▇ Mechanical’s receipt of payment, whichever occurs earlier. If required by Owner, the Application for Payment shall be verified as accurate and notarized and supported by such data substantiating ▇▇▇▇▇▇ Mechanical’s right to payment as Owner may reasonably require. If requested by Owner, ▇▇▇▇▇▇ Mechanical shall provide lien waivers for itself for the current Application for Payment and for Subcontractors, Sub-subcontractors, and Design Consultants for the previous A...