Common use of Progress Payments; Retainage Clause in Contracts

Progress Payments; Retainage. A. Owner shall make progress payments on the basis of Contractor’s Applications for Payment on or about the 30th day from Owner approval of Application for Payment of each month during performance of the Work as provided in Paragraph 6.02.A.1 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule of Values established as provided in the General Conditions or, as may be provided elsewhere in the Contract. 1. 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 may withhold, including but not limited to liquidated damages, in accordance with the Contract. a. Ninety-Five (95) percent of the value of the Work completed (with the balance being retainage). b. Eighty (80) percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage). B. Upon Substantial Completion, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninety-Five (95) percent of the Work completed, less such amounts set off by Owner pursuant to Paragraph 15.01.E of the General Conditions, and less Five (5) percent of Engineer’s estimate of the value of Work to be completed or corrected as shown on the punch list of items to be completed or corrected prior to final payment.

Progress Payments; Retainage. A. Owner shall make progress payments on account of the Contract Price on the basis of Contractor’s Applications for Payment on or about the 30th day from Owner approval of Application for Payment of each month during performance of the Work as provided in Paragraph 6.02.A.1 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule schedule of Values values established as provided in Paragraph 2.07.A of the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no schedule of values, as provided in the General Conditions or, as may be provided elsewhere in the ContractRequirements. 1. 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 Engineer may determine or Owner may withhold, including but not limited to liquidated damages, in accordance with Paragraph 14.02 of the ContractGeneral Conditions. a. Ninety-Five (95) 90 percent of the value of the Work completed (with the balance being retainage). b. Eighty (80) percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage). B. Upon Substantial Completion, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninety-Five (95) 100 percent of the Work completed, less such amounts set off by Owner pursuant to as Engineer shall determine in accordance with Paragraph 15.01.E 14.02.B.5 of the General Conditions, Conditions and less Five (5) 200 percent of Engineer’s estimate of the value of Work to be completed or corrected as shown on the punch tentative list of items to be completed or corrected prior attached to final paymentthe certificate of Substantial Completion.

Progress Payments; Retainage. A. Owner OWNER shall make progress payments on account of the Contract Price on the basis of Contractor’s DESIGN/BUILDER's Applications for Payment Payment, on or about the 30th 1st day from Owner approval of Application for Payment of each month during performance of the Work as provided in Paragraph 6.02.A.1 paragraphs 5.01.B.1 and B.2 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the acceptable Schedule of Values established as provided in paragraph 2.06.A of the General Conditions or, as may be provided elsewhere in the ContractConditions. 1. Prior to Substantial Completion, 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 OWNER may withhold, including but not limited to liquidated damages, withhold in accordance with paragraph 13.04.B of the ContractGeneral Conditions. a. Ninety-Five Ninety percent (9590%) percent of the value of the Work completed (with the balance being retainage). b. Eighty Ninety percent (8090%) percent (with the balance being retainage) of the cost of materials and equipment not incorporated in the Work (with but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 13.02.A of the balance being retainageGeneral Conditions). B. 2. Upon Substantial Completion, Owner shall pay payment will be made in an amount sufficient to increase total payments to Contractor DESIGN/BUILDER to Ninetyninety-Five one percent (9591%) percent of the Work completedContract Price (with the balance being retainage), less such amounts set off by Owner pursuant to Paragraph 15.01.E as OWNER may withhold in accordance with paragraph 13.04.B of the General Conditions, and less Five (5) percent of Engineer’s estimate of the value of Work to be completed or corrected as shown on the punch list of items to be completed or corrected prior to final payment.

Progress Payments; Retainage. A. Owner shall make progress payments on the basis of Contractor’s Applications for Payment on or about the 30th day from Owner approval of Application for Payment of each month during performance of the Work as provided in Paragraph 6.02.A.1 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule of Values established as provided in the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no Schedule of Values, as may be provided elsewhere in the Contract. 1. 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 may withhold, including but not limited to liquidated damages, in accordance with the Contract. a. Ninety-Five five percent (95%) percent of the value of the Work completed (with the balance being retainage). b. Eighty (80) percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage). B. Upon Substantial Completion, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninety-Five one hundred percent (95100%) percent of the Work completed, less such amounts set off by Owner pursuant to Paragraph 15.01.E of the General Conditions, and less Five two hundred percent (5200%) percent of Engineer’s estimate of the value of Work to be completed or corrected as shown on the punch list of items to be completed or corrected prior to final payment.

Progress Payments; Retainage. A. Owner shall make progress payments on the basis of Contractor’s Applications for Payment on or about the 30th 5th day from Owner approval of Application for Payment of each month during performance of the Work as provided in Paragraph 6.02.A.1 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule of Values established as provided in the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no Schedule of Values, as may be provided elsewhere in the Contract. 1. 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 may withhold, including but not limited to liquidated damages, in accordance with the Contract. a. Ninety-Five (95) % percent of the value of the Work completed (with the balance being retainage). b. Eighty (80) 95% percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage). B. Upon Substantial Completion, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninety-Five (95) 95 percent of the Work completed, less such amounts set off by Owner pursuant to Paragraph 15.01.E of the General Conditions, and less Five (5) 200 percent of Engineer’s estimate of the value of Work to be completed or corrected as shown on the punch list of items to be completed or corrected prior to final payment.

Progress Payments; Retainage. A. Owner OWNER shall make progress payments on account of the Contract Price on the basis of Contractor’s CONTRACTOR's proper Applications for Payment on or about the 30th day from Owner approval of Application for Payment of each month as recommended by ENGINEER during performance of the Work construction as provided in Paragraph 6.02.A.1 paragraphs 5.1.1 and 5.1.2 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule schedule of Values values established in paragraph 2.9 of the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no schedule of values, as provided in the General Conditions or, as may be provided elsewhere in the ContractRequirements. 1. 5.1.1 Prior to Substantial Completion, progress payments will be made in an amount equal to the percentage indicated below butbelow, but in each case, less the aggregate of payments previously made and less such amounts as Owner ENGINEER shall determine, or OWNER may withhold, including but not limited to liquidated damages, in accordance with the Contract. a. Ninety-Five (95) percent paragraph 14.7 of the value General Conditions. 90% of the Work completed (with the balance being retainage). b. Eighty . 90% (80with the balance being retainage) percent of cost of materials and equipment not incorporated in the Work (with but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 14.2 of the balance being retainageGeneral Conditions). B. 5.1.2 Upon Substantial Completion, Owner shall pay in an amount sufficient to increase total payments to Contractor CONTRACTOR to Ninety-Five (95) percent 90% of the Work completedContract Price (with the balance being retainage), less such amounts set off by Owner pursuant to Paragraph 15.01.E as ENGINEER shall determine, or OWNER may withhold, in accordance with paragraph 14.7 of the General Conditions, Conditions and less Five (5) percent of Engineer’s estimate of the value of Work to be completed or corrected as shown on the punch list of items to be completed or corrected prior to final paymentpreviously paid amount.

Progress Payments; Retainage. A. Owner shall make progress payments on account of the Contract Price on the basis of Contractor’s Applications for Payment on or about the 30th day from Owner approval of Application for Payment of each month during performance of the Work as provided in Paragraph 6.02.A.1 belowWork, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule of Values established as provided in the General Conditions or, as may be provided elsewhere in the Contract. 1. 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 may withhold, including but not limited to liquidated damages, in accordance with the Contract. a. Ninety-Five One Hundred (95100%) percent of the value of the Work completed (with the balance being retainage).completed.‌ b. Eighty One Hundred (80100%) percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage)Work. B. Upon Substantial Completion, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninety-Five one hundred (95100%) percent of the Work completed, less such amounts set off by Owner pursuant to Paragraph 15.01.E of the General Conditions, and less Five two hundred (5200%) percent of Engineer’s estimate of the value of Work to be completed or corrected as shown on the punch list of items to be completed or corrected prior to final payment.payment or a minimum amount determined by the Engineer.‌