Reinstatement of Retainage. The Owner will withhold no further retainage from payments to the CM/GC unless one or more of the following events occur: The percentage of work complete falls behind the percentage required by the Overall Project Schedule by as much as five percent; or The CM/GC breaches a Notice of Non-Compliant Work; or The CM/GC becomes delinquent in regard to the filing of the final breakdown and accounting pursuant to any Change Orders utilizing a Force Account; in which event or events the Owner shall reinstate the ten percent retainage on all Applications for Payment due to be paid while one or more of the events continues to exist. The CM/GC will be given written notice of the reinstatement of the retainage.
Appears in 6 contracts
Samples: Construction Management Contract, Construction Management Contract, Construction Management Contract
