Reduction of Retainage. As work progresses, Owner may reduce the amount of the retainage in accordance with ORS 279C.570, and the Owner may eliminate retainage on any remaining monthly contract payments after 50 percent of the Work under the Contract is completed if, in the Owner’s opinion, such work is progressing satisfactorily. Elimination or reduction of retainage shall be allowed only upon written application by the CM/GC, and the application shall include written approval of the CM/GC’s surety. However, when the contract work is 97.5 percent completed the Owner may, at its discretion and without application by the CM/GC, reduce the retained amount to 100 percent of the value of the Contract Work remaining to be done. Upon receipt of a written application by the CM/GC, the Owner shall respond in writing within a reasonable time.
Reduction of Retainage. If Developer’s construction loan permits retainage thereunder to be reduced upon Developer’s having achieved a specified percentage of completion of the School Base Building Work (or upon Developer’s satisfaction of other requirements for reduction of retainage), then upon Developer’s having achieved such specified percentage of completion of the School Base Building Work (or upon Developer’s satisfaction of such other requirements), Retainage shall be deemed reduced to the same extent for purposes of this Section 5.02.
Reduction of Retainage. Upon Substantial Completion, the Retainage shall be reduced to two and one-half (2 1/2%) percent of the Contract Price until any remaining items of Work to be completed or corrected on the Final Punch-List, as defined in Section 7.6; and
Reduction of Retainage. If Contractor has performed at least fifty percent (50%) of the Work and is progressing satisfactorily, upon Contractor’s submission of a written application containing the Contractor’s surety’s written approval, Owner may, in its discretion, reduce or eliminate retainage on any remaining progress payments. Owner shall respond in writing to all such applications within a reasonable time. When the Work is ninety-seven and one/half percent (97.5%) completed, Owner may, at its discretion and without application by Contractor, reduce the retained amount to one hundred percent (100%) of the value of the remaining unperformed Work. Owner may at any time reinstate retainage. Retainage held Owner shall be included in and paid to Contractor as part of the Final Payment.
