Common use of Progress Payments; Retainage Clause in Contracts

Progress Payments; Retainage. Owner shall make monthly progress payments on account of the Contract Price on the basis of Contractor's Applications for Payment, no more often than monthly during construction as provided below. Each Application for Payment shall be based on the schedule of values established in paragraph 2.7 of the General Conditions (and in the case of Unit Price Work based on the number of units properly completed) or, in the event there is no schedule of values, as provided in the General Conditions. Such Application for Payment shall be supported by such data substantiating Contractor's right to payment as Owner may require, such as copies of requisitions from subcontractors and material suppliers. 1. Owner reserves the right to inspect the Project and approve the progress of Work completed to the date of the Application for Payment. If requested by Owner prior to making said payment, Contractor shall submit to Owner an Affidavit and partial Waiver of Lien, and/or partial waivers from subcontractors and material suppliers, in form and content satisfactory to Owner, stipulating that all costs for labor and materials incurred in the previous month have been paid to subcontractors, material suppliers, laborers and equipment lessors. An Application for Payment shall not include requests for payment of amounts Contractor does not intend to pay to a subcontractor or material supplier. a. Prior to Substantial Completion, progress payments will be made in an amount equal to the percentage indicated below, but, in each case, less the aggregate of payments previously made and less such amounts as Owner shall determine, or Owner may withhold, in accordance with Article 13 of the General Conditions. b. Progress payment will be made for ninety percent (90%) of Work completed (with the balance being held as retainage). If Work is fifty percent (50%) complete as determined by Owner, and if the character and progress of the Work has been satisfactory to Owner, Owner, at its sole discretion and without obligation, may determine that as long as the character and progress of the Work remain satisfactory, there will be no additional retainage on account of Work completed in which case the remaining progress payments prior to Substantial Completion will be in an amount equal to one hundred percent (100%) of the Work properly completed. c. Progress payment will be made for ninety percent (90%) of invoice price for materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to Owner as provided in Article 13 of the General Conditions).

Progress Payments; Retainage. Owner A. OWNER shall make monthly progress payments on account of the Contract Price on the basis of ContractorCONTRACTOR's Applications for PaymentPayment as recommended by ARCHITECT, no more often than monthly during construction on or about the Friday following either the first or third Thursday of each month, depending upon the timing of submittals and approvals, as provided in paragraphs 6.02.A.1 and 6.02.A.2 below. Each Application for Payment shall All such payments will be based on measured by the schedule of values established in paragraph 2.7 2.07.A of the General Conditions (and in the case of Unit Price Work based on the number of units properly completed) or, in the event there is no schedule of values, as provided in the General Conditions. Such Application for Payment shall be supported by such data substantiating Contractor's right to payment as Owner may require, such as copies of requisitions from subcontractors and material suppliers.Requirements: 1. Owner reserves the right to inspect the Project and approve the progress of Work completed to the date of the Application for Payment. If requested by Owner prior to making said payment, Contractor shall submit to Owner an Affidavit and partial Waiver of Lien, and/or partial waivers from subcontractors and material suppliers, in form and content satisfactory to Owner, stipulating that all costs for labor and materials incurred in the previous month have been paid to subcontractors, material suppliers, laborers and equipment lessors. An Application for Payment shall not include requests for payment of amounts Contractor does not intend to pay to a subcontractor or material supplier. a. Prior to Substantial Completion, progress payments will be made in an amount equal to the percentage indicated below, but, in each case, less the aggregate of payments previously made and less such amounts as Owner ARCHITECT shall determine, determine or Owner OWNER may withhold, in accordance with Article 13 NRS 338.525 or paragraph 14.02 of the General Conditions.: b. Progress payment will be made for ninety percent (90%) a. 95% of Work completed (with the balance being held as retainage). If Work is fifty percent (has been 50%) complete % completed as determined by OwnerARCHITECT, and if the character and progress of the Work has have been satisfactory to OwnerOWNER and ARCHITECT, OwnerOWNER, at its sole discretion and without obligationon recommendation of ARCHITECT, may determine that as long as the character and progress of the Work remain satisfactorysatisfactory to them, there will be no additional retainage on account of Work completed subsequently completed, in which case the remaining progress payments prior to Substantial Completion will be in an amount equal to one hundred percent (100%) % of the Work properly completed.completed less the aggregate of payments previously made; and c. Progress payment will be made for ninety percent (90%) b. 95% of invoice price for cost of materials and equipment not incorporated in the Work (but deliveredwith the balance being retainage). 2. Upon Substantial Completion, suitably stored and accompanied by documentation satisfactory OWNER shall pay an amount sufficient to Owner increase total payments to CONTRACTOR to 97.5% of the Work completed, less such amounts as provided ARCHITECT shall determine in Article 13 accordance with paragraph 14.02.B.5 of the General Conditions)Conditions and less 100 % of ARCHITECT’s estimate of the value of Work to be completed or corrected as shown on the tentative list of items to be completed or corrected attached to the certificate of Substantial Completion.

Progress Payments; Retainage. A. Owner shall make monthly progress payments on account in accordance with Article 15 of the Contract Price on the basis of Contractor's Applications for PaymentConditions, no more often than monthly during construction as provided belowamended. Each Application for Payment Payments shall be based on applications for payment submitted by Contractor and approved by Engineer in accordance with the procedures established in Article 15 of the Conditions, as amended. All such progress payments will be measured by the schedule of values established in paragraph 2.7 Paragraph 2.03.A of the General Conditions (and Conditions, as amended or in the case of Unit Price Work based on the number of units properly completed) of each Bid item completed times the Bid unit price in the Unit Price Schedule of the Bid Form for each Bid item, or, in the event there is no schedule of values, as provided in the General Conditions. Such Application for Payment shall be supported by such data substantiating Contractor's right to payment , as Owner may require, such as copies of requisitions from subcontractors and material suppliers.amended: 1. Owner reserves the right to inspect the Project and approve the progress of Work completed to the date of the Application for Payment. If requested by Owner prior to making said payment, Contractor shall submit to Owner an Affidavit and partial Waiver of Lien, and/or partial waivers from subcontractors and material suppliers, in form and content satisfactory to Owner, stipulating that all costs for labor and materials incurred in the previous month have been paid to subcontractors, material suppliers, laborers and equipment lessors. An Application for Payment shall not include requests applications for payment of amounts Contractor does not intend to pay to on a subcontractor or material suppliermonthly basis and, where applications are approved by Engineer, Owner shall make progress payments on the same basis. a. 2. Prior to Substantial Completion, progress payments will be made in an amount equal to the percentage indicated below, of Work completed but, in each case, less the aggregate of payments previously made and less such amounts as Owner shall determine, Engineer may determine or Owner may withhold, including but not limited to liquidated damages, in accordance with Article 13 Paragraph 15.01 of the General Conditions. b. 3. To assure performance in accord with the Contract Documents, including but not limited to completion of the Project, Progress payment will Payments to Contractor shall be made for ninety subject to the following retainage: a. Owner shall retain ten percent (90%) of Work completed (with the balance being held as retainage). If Work is fifty percent (50%) complete as determined by Owner, and if the character and progress of the Work has been satisfactory to Owner, Owner, at its sole discretion and without obligation, may determine that as long as the character and progress of the Work remain satisfactory, there will be no additional retainage on account of Work completed in which case the remaining progress payments prior to Substantial Completion will be in an amount equal to one hundred percent (10010 %) of the amount of each payment until final completion and acceptance of all Work properly completedcovered by the Contract Documents. c. Progress payment b. Retainage will be made for ninety ten percent (9010%) of invoice price for the invoiced amount of materials and equipment not incorporated in the Work (but delivered, or, suitably stored at a site satisfactory to Owner, suitably stored in the project area and accompanied by documentation satisfactory to Owner an invoice as provided in Article 13 Paragraph 15.01 of the General Conditions). There shall be no retainage on the amount of materials and equipment not incorporated in the Work for which Owner has been provided with a document warranting clear title as provided in paragraph 15.01 of the Conditions. 4. If Contractor fails to complete the Work in accordance with the Contract Documents, Owner may use retainage to remedy Contractor’s failure to complete the Work in accordance with the Contract Documents, including, but not limited to (a) assuring payment of just claims of any persons supplying labor or materials for the Work; (b) protecting Owner from loss due to defective Work not remedied; (c) remedying defective Work; (d) completing the Work as specified in the Contract Documents; or (e) paying any and all additional costs incurred as a result of Contractor’s failure to complete the Work in accordance with the Contract Documents. B. Upon Substantial Completion and at Owner’s discretion, the amount of retainage may be reduced upon request by Contractor. Reduction of retainage is at the sole discretion of Owner, and Owner is not obligated to reduce retainage. The amount of the Substantial Completion payment will be reduced by such amounts as Owner or Engineer shall determine in accordance with Paragraph 15.01.C of the Conditions, and by 100% of Engineer’s estimate of the value of Work to be completed or corrected as shown on the tentative list of items to be completed or corrected attached to the certificate of Substantial Completion.

Progress Payments; Retainage. Owner shall make monthly progress payments on account of the Contract contract Price on the basis of Contractor's Applications for PaymentPayment as recommended by Engineer, no more often than monthly on or about the last day of each month during construction as provided in paragraphs 5.1.1. and 5.1.2. below. Each Application for Payment shall All such payments will be based on measured by the schedule of values established in paragraph 2.7 2.07 of the General Conditions (and in the case of Unit Price Work based on the number of units properly completed) or, in the event there is no schedule of values, as provided in the General Conditions. Such Application for Payment shall be supported by such data substantiating Contractor's right to payment as Owner may require, such as copies of requisitions from subcontractors and material suppliersRequirements. 15.1.1. Owner reserves the right to inspect the Project and approve the progress of Work completed to the date of the Application for Payment. If requested by Owner prior to making said payment, Contractor shall submit to Owner an Affidavit and partial Waiver of Lien, and/or partial waivers from subcontractors and material suppliers, in form and content satisfactory to Owner, stipulating that all costs for labor and materials incurred in the previous month have been paid to subcontractors, material suppliers, laborers and equipment lessors. An Application for Payment shall not include requests for payment of amounts Contractor does not intend to pay to a subcontractor or material supplier. a. Prior to Substantial Completion, progress payments will be made in an amount equal to the percentage indicated below, but, in each case, less the aggregate of payments previously made and less such amounts as Owner Engineer shall determine, or Owner may withhold, in accordance with Article 13 paragraph 14.02 of the General Conditions. b. Progress payment will be made for ninety percent (. 90%) % of Work completed (with the balance being held as retainage). If Work is fifty percent (has been 50%) complete % completed as determined by OwnerEngineer, and if the character and progress of the Work has have been satisfactory to OwnerOwner and Engineer, Owner, at its sole discretion and without obligationon recommendation of Engineer, may determine that as long as the character and progress of the Work remain satisfactorysatisfactory to them, there will be no additional retainage on account of Work completed completed, in which case the remaining progress payments prior to Substantial Completion will be in an amount equal to one hundred percent (100%) % of the Work properly completed. c. Progress payment will be made for ninety percent . 90% (90%with the balance being retainage) of invoice price for materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to Owner as provided in Article 13 paragraph 14.02 of the General Conditions and within Section 9- 6.5 partial payments as provided in FDOT Standard Specifications for Road and Bridge Construction. 5.1.2. When circumstances beyond the ContractorS control arise (as determined by the Owner) the Owner may allow the total payment to the Contractor to increase to 98% of the contract price (with the balance being retainage), less such amounts as Engineer shall determine, only after receipt of the final as-builts and upon substantial completion of the project and in accordance with Paragraph 14.02 of the General Conditions).

Progress Payments; Retainage. Owner OWNER shall make monthly progress payments on account of the Contract Price on the basis of ContractorDESIGN/BUILDER's Applications for Payment, no more often than monthly during construction as provided below. Each Application for Payment shall be based on the schedule of values established in paragraph 2.7 of the General Conditions (and in the case of Unit Price Work based on the number of units properly completed) or, in the event there is no schedule of values, as provided in this Section 4.01.B. Progress payments shall be due and payable in accordance with 13.04 of the General Conditions. Such Application for Payment shall All such payments will be supported measured by such data substantiating Contractor's right to payment as Owner may require, such as copies the acceptable Schedule of requisitions from subcontractors and material suppliersValues established under paragraph 2.03.A of the General Conditions. 1. Owner reserves the right to inspect the Project and approve the progress of Work completed to the date of the Application for Payment. If requested by Owner prior to making said payment, Contractor shall submit to Owner an Affidavit and partial Waiver of Lien, and/or partial waivers from subcontractors and material suppliers, in form and content satisfactory to Owner, stipulating that all costs for labor and materials incurred in the previous month have been paid to subcontractors, material suppliers, laborers and equipment lessors. An Application for Payment shall not include requests for payment of amounts Contractor does not intend to pay to a subcontractor or material supplier. a. Prior to Substantial Completion, such progress payments will be made in an amount equal to the percentage indicated below, but, in each case, less the aggregate of payments previously made and less such amounts as Owner shall determine, or Owner OWNER may withhold, withhold in accordance with Article 13 paragraph 13.04.B of the General Conditions. b. Progress payment will be made for ninety a. Ninety-five percent (9095%) of Work completed (with the balance being held as retainage). If Work is fifty . b. Ninety-five percent (5095%) complete as determined by Owner, and if (with the character and progress of the Work has been satisfactory to Owner, Owner, at its sole discretion and without obligation, may determine that as long as the character and progress of the Work remain satisfactory, there will be no additional retainage on account of Work completed in which case the remaining progress payments prior to Substantial Completion will be in an amount equal to one hundred percent (100%balance being retainage) of the Work properly completed. c. Progress payment will be made for ninety percent (90%) cost of invoice price for materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to Owner OWNER as provided in Article 13 paragraph 13.02.A of the General Conditions). 2. Upon Successful completion of the Performance Test or * days after Substantial Completion, whichever comes first, payment will be made in an amount sufficient to increase total payments to DESIGN/BUILDER to One Hundred percent (100%) of the Contract Price, less (i) such amounts as OWNER may withhold in accordance with paragraph 13.04.B of the General Conditions, (ii) amounts mutually agreed by the parties for completion of Punch List Items, and (iii) *. Amounts withheld for Punch List Items shall be paid by OWNER to DESIGN/BUILDER as such Work is completed. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 3. Upon successful completion of the seven-day performance test described in Exhibit A, OWNER shall pay DESIGN/BUILDER the *. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

Progress Payments; Retainage. Owner OWNER shall make monthly progress payments on account of the Contract Price on the basis of ContractorDESIGN/BUILDER's Applications for Payment, no more often than monthly during construction as provided below. Each Application for Payment shall be based on the schedule of values established in paragraph 2.7 of the General Conditions (and in the case of Unit Price Work based on the number of units properly completed) or, in the event there is no schedule of values, as provided in this Section 4.01.B. Progress payments shall be due and payable in accordance with 13.04 of the General Conditions. Such Application for Payment shall All such payments will be supported measured by such data substantiating Contractor's right to payment as Owner may require, such as copies the acceptable Schedule of requisitions from subcontractors and material suppliersValues established under paragraph 2.03.A of the General Conditions. 1. Owner reserves the right to inspect the Project and approve the progress of Work completed to the date of the Application for Payment. If requested by Owner prior to making said payment, Contractor shall submit to Owner an Affidavit and partial Waiver of Lien, and/or partial waivers from subcontractors and material suppliers, in form and content satisfactory to Owner, stipulating that all costs for labor and materials incurred in the previous month have been paid to subcontractors, material suppliers, laborers and equipment lessors. An Application for Payment shall not include requests for payment of amounts Contractor does not intend to pay to a subcontractor or material supplier. a. Prior to Substantial Completion, such progress payments will be made in an amount equal to the percentage indicated below, but, in each case, less the aggregate of payments previously made and less such amounts as Owner shall determine, or Owner OWNER may withhold, withhold in accordance with Article 13 paragraph 13.04.B of the General Conditions. b. Progress payment will be made for ninety a. Ninety-five percent (9095%) of Work completed (with the balance being held as retainage). If Work is fifty . b. Ninety-five percent (5095%) complete as determined by Owner, and if (with the character and progress of the Work has been satisfactory to Owner, Owner, at its sole discretion and without obligation, may determine that as long as the character and progress of the Work remain satisfactory, there will be no additional retainage on account of Work completed in which case the remaining progress payments prior to Substantial Completion will be in an amount equal to one hundred percent (100%balance being retainage) of the Work properly completed. c. Progress payment will be made for ninety percent (90%) cost of invoice price for materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to Owner OWNER as provided in Article 13 paragraph 13.02.A of the General Conditions). 2. Upon Successful completion of the Performance Test or * days after Substantial Completion, whichever comes first, payment will be made in an amount sufficient to increase total payments to DESIGN/BUILDER to One Hundred percent (100%) of the Contract Price, less (i) such amounts as OWNER may withhold in accordance with paragraph 13.04.B of the General Conditions, (ii) amounts mutually agreed by the parties for completion of Punch List Items, and (iii) * Amounts withheld for Punch List Items shall be paid by OWNER to DESIGN/BUILDER as such Work is completed. *OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 3. Upon successful completion of the seven-day performance test described in Exhibit A, OWNER shall pay DESIGN/BUILDER the *. *OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

Progress Payments; Retainage. A. Owner shall make monthly progress payments on account of the Contract Price on the basis of Contractor's ’s Applications for Payment, no more often than monthly Payment on or about the 20th day of each month during construction as provided below. Each Application for Payment shall be based on the schedule of values established in paragraph 2.7 performance of the General Conditions (and in the case of Unit Price Work based on the number of units properly completed) or, in the event there is no schedule of values, as provided in the General Conditions. Such Application Paragraph 6.02.A.1 below, provided that such Applications for Payment shall be supported by such data substantiating Contractor's right to payment as Owner may require, such as copies have been submitted in a timely manner and otherwise meet the requirements of requisitions from subcontractors and material suppliersthe Contract. 1. Owner reserves the right to inspect the Project and approve the progress of Work completed to the date of the Application for Payment. If requested by Owner prior to making said payment, Contractor shall submit to Owner an Affidavit and partial Waiver of Lien, and/or partial waivers from subcontractors and material suppliers, in form and content satisfactory to Owner, stipulating that all costs for labor and materials incurred in the previous month have been paid to subcontractors, material suppliers, laborers and equipment lessors. An Application for Payment shall not include requests for payment of amounts Contractor does not intend to pay to a subcontractor or material supplier. a. Prior to Substantial Completion, progress Progress payments will be made in an amount equal to the percentage indicated below, below but, in each case, less the aggregate of payments previously made and less such amounts as Owner shall determine, or Owner may withhold, including but not limited to retainage and liquidated damages, in accordance with Article 13 of the Contract and the General Conditions. b. Progress payment will be made for a. Except as otherwise provided herein following the completion of fifty percent (50%) of the Work, Owner shall pay Contractor ninety percent (90%) of the value of the Work completed (as provided in the contract documents plus the value of materials and equipment suitably stored, insured, and protected at the construction site and, at the owner's discretion, such materials and equipment suitably stored, insured, and protected off site at a location approved by the owner's authorized contract representative, when allowed by the contract documents, with the balance being remaining ten percent (10%) held as retainage). If ; and b. There shall be no amounts retained on progress payments submitted after 50 percent (50%) of the Work on the project has been completed if in the opinion of Owner or Engineer that such Work is satisfactory and has been completed on schedule; and i. Discontinuation of retention shall not affect the retained amounts on the first fifty percent (50%) complete as determined by Owner, and if the character and progress of the Work on the project which may continue to be held to ensure satisfactory completion of the project; and ii. If, after discontinuing the retention, the Owner or Engineer determines that the work is unsatisfactory, or has been satisfactory to Ownerfallen behind schedule, Ownerthe Owner may resume retention at the previous rate of ten percent (10%). B. At Substantial Completion of the Work, at its sole discretion and without obligation, may determine that as long as the character and progress of Engineer determines the Work remain work to be reasonably satisfactory, Owner shall within thirty (30) days after invoice and other appropriate documentation as may be required by the contract documents are provided pay the retainage to the Contractor. If at that time there will be no additional retainage on account of Work completed in which case the are any remaining progress payments prior to Substantial Completion will be in incomplete minor items, an amount equal to one hundred 200 percent (100200%) of the Work properly value of each item as determined by the Engineer shall be withheld until such item or items are completed. c. Progress C. Final payment will of the retained amounts to the Contractor under the contract to which the retained amounts relate shall be made after certification by the Engineer in charge of the project covered by the contract that the work has been satisfactorily completed and is accepted in accordance with the contract, plans, and specifications. D. Retainage shall be invested at the current market rate and any interest earned on the retained amount by Owner shall be paid to the Contractor when the project has been completed within the time limits specified and for ninety percent (90%) of invoice the price for materials and equipment not incorporated specified in the Work (but deliveredcontract, suitably stored and accompanied by documentation satisfactory to Owner as provided or in Article 13 any amendments or change orders approved in accord with the terms of the General Conditions)contract, as certified pursuant to Subsection 1 of this paragraph; and 1. Payment to the Contractor of interest earned on the retained amounts shall be made after certification by the Engineer in charge of the project covered by the contract that the work has been completed within the time specified and within the price specified in the contract. E. The Contractor shall, within ten days from the contractor's receipt of retainage from the owner, pass through payments to subcontractors and shall reduce each subcontractor's retainage in the same manner as the contractors retainage is reduced by the owner; provided, however, that the value of each subcontractor's work complete and in place equals 50 percent of his or her subcontract value, including approved change orders and other additions to the subcontract value, provided, further, that the work of the subcontractor is proceeding satisfactorily and the subcontractor has provided or provides such satisfactory reasonable assurances of continued performance and financial responsibility to complete his or her work including any warranty work as the contractor in his or her reasonable discretion may require, including, but not limited to, a payment and performance bond; and 1. The foregoing paragraph is intended to outline Contractor's responsibilities as set forth in O.C.G.A. § 13-10-80, and is not, by itself, intended to confer contractual privity or third party beneficiary status upon any subcontractor or lower tier subcontractor.