Common use of Percentage Completion Payment/Retention Clause in Contracts

Percentage Completion Payment/Retention. All payments to the Contractor from the Escrow Account for any Cost Overage shall be made on a percentage completion basis, and payments from the Escrow Account for the Cabling Installation shall be made once the installation is complete, and Landlord and Tenant have all documents required under this Escrow Agreement. With respect to any Cost Overage, Landlord shall reasonably confirm the percentage completion of the Tenant Improvements. All payments to the Contractor (both from the Tenant Improvement Allowance and any Cost Overage—but not the Cabling Installation) are subject to retention of fifteen percent (15%) pursuant to the Work Agreement.

Percentage Completion Payment/Retention. All payments to the Contractor from the Escrow Account for any Cost Overage shall be made on a percentage completion basis, and payments from the Escrow Account for the Cabling Installation shall be made once the installation is complete, and Landlord and Tenant have all documents required under this Escrow Agreement. With respect to any Cost Overage, Landlord shall reasonably confirm the percentage completion of the Tenant Improvements. All payments to the Contractor (both from the Tenant Improvement Allowance and any Cost Overage—Overage – but not the Cabling Installation) are subject to retention of fifteen percent (15%) pursuant to the Work Agreement.