Common use of Pursuant to Colo Clause in Contracts

Pursuant to Colo. Rev. Stat. § 00-00-000, as may be amended, where the Original Contract Amount exceeds one hundred fifty thousand dollars ($150,000.00), the Owner may retain up to five percent (5%) of the calculated value of completed work from each progress payment up until the contract is completed satisfactorily and finally accepted by the Owner. If the Owner finds satisfactory progress is being made in any phase of the contract, the Trade Contractor may make written request of the Owner for final payment of the withheld percentage. The Owner may agree to final payment of the withheld percentage if the Owner finds satisfactory and substantial reasons exist for the payment. The Trade Contractor must provide written approval to the Owner from any surety furnishing bonds for the contract work in order to receive said payment of the withheld percentage.

Pursuant to Colo. Rev. Stat. § 00-00-000, as may be amended, where the Original Contract Amount exceeds one hundred fifty thousand dollars ($150,000.00), the Owner NURA may retain up to five percent (5%) of the calculated value of completed work from each progress payment up until the contract is completed satisfactorily and finally accepted by the OwnerXXXX. If the Owner XXXX finds satisfactory progress is being made in any phase of the contract, the Trade Contractor may make written request of the Owner NURA for final payment of the withheld percentage. The Owner XXXX may agree to final payment of the withheld percentage if the Owner XXXX finds satisfactory and substantial reasons exist for the payment. The Trade Contractor must provide written approval to the Owner NURA from any surety furnishing bonds for the contract work in order to receive said payment of the withheld percentage.