Payment Upon Substantial Completion. When Owner Parties issue a Certificate of Substantial Completion and Contractor submits an applicable Application for Payment, Owner shall make payment to Contractor, reflecting adjustment in retainage, if any, as provided in the Contract Documents. However, Owner shall not release retainage to Contractor that will result in Owner holding total retainage less than twice the amount that Owner Parties determine necessary to complete and correct all items on an applicable Punch List.
Appears in 10 contracts
Samples: General Contractor Agreement, General Contractor Agreement, General Contractor Agreement
Payment Upon Substantial Completion. When Owner Parties issue a Certificate of Substantial Completion and Contractor submits an applicable Application for Payment, Owner shall make payment to Contractor, reflecting adjustment in retainage, if any, as provided in the Contract Documents. However, Owner shall not release retainage to Contractor that will result in Owner holding total retainage less than twice the amount that Owner Parties determine necessary to complete and correct all items on an applicable Punch List.. SAMPLE
Appears in 1 contract
Samples: Design Build Agreement
Payment Upon Substantial Completion. When Owner Parties issue a Certificate of Substantial Completion and Contractor Design-Builder submits an applicable Application for Payment, Owner shall make payment to ContractorDesign-Builder, reflecting adjustment in retainage, if any, as provided in the Contract Documents. However, Owner shall not release retainage to Contractor Design-Builder that will result in Owner holding total retainage less than twice the amount that Owner Parties determine necessary to complete and correct all items on an applicable Punch List.
Appears in 1 contract
Samples: Agreement
