Common use of Progress Payments; Retainage Clause in Contracts

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 _1st (first)_ day 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 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 (90) percent of Work completed (with the balance being retainage), and b. Ninety (90) percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage). B. Upon Substantial Completion of the entire Work to be provided under the Contact Documents, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninety-eight (98) percent of the Work completed, less such amounts set off by Owner pursuant to Paragraph 15.01.E of the Standard General Conditions, and less Two (2) 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 _1st (first)_ day of each month during performance as recommended by Engineer and as otherwise specified in Paragraph 14.02 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 ContractGeneral Conditions. All such payments will be measured by the Schedule schedule of Values values established as provided in Paragraph 2.05.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 schedule of Valuesvalues, as provided elsewhere in the ContractGeneral Requirements. 1. B. Prior to Substantial Completion, progress payments will be made in an amount equal to 90% percent of Work completed (with the percentage indicated below balance being retainage), 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 Contract a. Ninety (90) percent of Work completed (with the balance being retainage), and b. Ninety (90) percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage)General Conditions. B. C. Upon Substantial Completion of the entire Work to be provided under the Contact DocumentsCompletion, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninety-eight (98) 95% 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 Standard General Conditions, Conditions and less Two (2) percent 100%percent of EngineerOwner’s estimate determination 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 the certificate of Substantial Completion. D. All applications for progress payments shall be accompanied by a conditional lien release and, for payments after the first, an affidavit of 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 Payment, which shall be due on or about the _1st (first)_ 25th day of each month 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 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 Ninety-five percent (9095%) percent of the value of the Work completed (with the balance being retainage), and. b. Ninety Ninety-five percent (9095%) percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage). B. Upon Substantial Completion of the entire Work to be provided under the Contact DocumentsCompletion, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninetyninety-eight five percent (98) percent of 95%)of the Work completed, less such amounts set off by Owner pursuant to Paragraph 15.01.E of the Standard General Conditions, and less Two two hundred percent (2200%) 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 _1st (first)_ 30th day 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 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 (90) 80 percent of the value of the Work completed (with the remaining balance being held as further defined below): i) Five (5) percent of the remaining withheld balance will be held as retainage), and. ii) Fifteen (15) percent of the remaining withheld balance will be held as a cash security deposit in lieu the receipt of a Performance and Payment Bond from Contractor. b. Ninety (90) 95 percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage). B. Upon Substantial Completion of the entire Work to be provided under the Contact DocumentsCompletion, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninety-eight (98) 97.5 percent of the Work completed, less such amounts set off by Owner pursuant to Paragraph 15.01.E of the Standard General Conditions, and less Two (2) 100 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 _1st (first)_ [ordinal number, such as 5th] day 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 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 (90) 95 percent of the value of the Work completed (with the balance being retainage), and. b. Ninety (90) 95 percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage). B. Upon Substantial Completion of the entire Work to be provided under the Contact DocumentsCompletion, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninety-eight (98) [number] percent of the Work completed, less such amounts set off by Owner pursuant to Paragraph 15.01.E of the Standard General Conditions, and less Two (2) [number] 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 _1st (first)_ day of each month during performance of the Work as provided in Paragraph 6.02.A.1 5.02.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 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 percent (9095.%) percent of Work completed (with the balance being retainage), ; and b. Ninety five percent (9095%) percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage). B. Upon Substantial Completion of the entire Work construction to be provided under the Contact Contract Documents, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninety-eight one hundred percent (98100%) percent of the Work completed, less such amounts set off by Owner pursuant to Paragraph 15.01.E of the Standard General Conditions, and less Two two hundred percent (2200%) 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 _1st (first)_ first day 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 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 (90) 95 percent of Work completed (with the balance being retainage). If the Work has been 50 percent completed as determined by Engineer, andand if the character and progress of the Work have been satisfactory to Owner and Engineer, then as long as the character and progress of the Work remain satisfactory to Owner and Engineer, retainage will be held in accordance with NRS 338.515. b. Ninety (90) 95 percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage). B. Upon Substantial Completion of the entire Work to be provided under the Contact DocumentsCompletion, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninety-eight (98) 95 percent of the Work completed, less such amounts set off by Owner pursuant to Paragraph 15.01.E of the Standard General Conditions, and less Two (2) 100 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 's Applications for Payment on or about the _1st (first)_ 15th day 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 I the General Conditions (and in the case of Unit Price Work based on the number of units unites completed) or, in the event there is no Schedule of Values, as provided proved 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 (90) 95 percent of the value of the Work completed (with the balance being retainage), and. b. Ninety (90) 95 percent of cost of stored materials and equipment not incorporated in the Work (with the balance being retainage). B. Upon Substantial Completion of the entire Work construction to be provided under the Contact construction Contract Documents, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninety-eight (98) 95 percent of the Work completed, less such amounts set off by Owner pursuant to Paragraph 15.01.E of the Standard General Conditions, and less Two (2) 100 percent of the 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 _1st (first)_ day of each month the Owner’s regularly scheduled and advertised monthly meeting 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 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 (90) 90 _ percent of Work completed (with the balance being retainage). If the Work has been 50 percent completed as determined by Engineer, and if the character and progress of the Work have been satisfactory to Owner and Engineer, then as long as the character and progress of the Work remain satisfactory to Owner and Engineer, retainage will be reduced from 10% to 5%; and b. Ninety (_90) _ percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage). B. Upon Substantial Completion of the entire Work to be provided under the Contact DocumentsCompletion, Owner shall pay an amount sufficient to increase total payments to Contractor to Ninety-eight (98) _100_ percent of the Work completed, less such amounts set off by Owner pursuant to Paragraph 15.01.E of the Standard General Conditions, and less Two (2) _150_ 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.