Punchlist Withholding. When the Punchlist has been agreed by Owner and GEC, Owner shall withhold from the retention previously deducted from Milestone Payments (the “Punchlist Withholding”) an amount equal to one hundred fifty percent (150%) of the agreed estimated cost of correcting outstanding Punchlist Items from the payment due GEC and retain such amount until the Punchlist Items are corrected or until a Retention Bond covering such Punchlist Withholding has been provided as set forth in Section 21.1. When all the requirements of Commercial Operation have been satisfied, including Performance and Availability Tests, other than completion of the Punchlist, the entire retention (except for the Punchlist Withholding) shall be paid to GEC, and the Punchlist Withholding shall be paid to GEC when the Punchlist is completed.
Appears in 4 contracts
Samples: Procurement and Construction Agreement, Engineering, Procurement and Construction Agreement (USA Synthetic Fuel Corp), Engineering, Procurement and Construction Agreement (USA Synthetic Fuel Corp)
