Common use of REDUCTION IN RETAINAGE Clause in Contracts

REDUCTION IN RETAINAGE. Notwithstanding the foregoing, upon completion of at least fifty percent (50%) of the Work, as determined by the Architect/Engineer and Owner, the Owner shall reduce to three percent (3%) the amount of retainage withheld from the Construction Manager’s Fee in each subsequent progress payment.

REDUCTION IN RETAINAGE. Notwithstanding the foregoing, upon completion of at least fifty percent (50%) of the Work, as determined by the Architect/Engineer and Owner, the Owner shall reduce to three five percent (35%) the amount of retainage withheld from the Construction Manager’s Fee in each subsequent progress payment.

REDUCTION IN RETAINAGE. Notwithstanding the foregoing, upon completion of at least fifty percent (50%) of the Work, as determined by the Architect/Engineer and Owner, the Owner shall reduce to three two and one-half percent (32.5%) the amount of retainage withheld from the Construction Manager’s 's Fee in each subsequent progress payment.