Release of Retainage. The Contractor may, for satisfactory and substantial reasons shown to the Principal Representative’s satisfaction, make a written request to the Principal Representative and the Architect/Engineer for release of part or all of the withheld percentage applicable to the Work of a Subcontractor which has completed the subcontracted Work in a manner finally acceptable to the Architect/Engineer, the Contractor, and the Principal Representative. Any such request shall be supported by a written approval from the Surety furnishing the Contractor’s bonds and any surety that has provided a bond for the Subcontractor. The release of any such withheld percentage shall be further supported by such other evidence as the Architect/Engineer or the Principal Representative may require, including but not limited to, evidence of prior payments made to the Subcontractor, copies of the Subcontractor’s contract with the Contractor, any applicable warranties, as-built information, maintenance manuals and other customary close-out documentation. Neither the Principal Representative nor the Architect Engineer shall be obligated to review such documentation nor shall they be deemed to assume any obligations to third parties by any review undertaken. The Contractor’s obligation under these General Conditions to guarantee Work for one year from the date of the Notice of Substantial Completion or the date of any Notice of Partial Substantial Completion of the applicable portion or phase of the Project, shall be unaffected by such partial release; unless a Notice of Partial Substantial Completion is issued for the Work subject to the release of retainage. Any rights of the Principal Representative which might be terminated by or from the date of any final acceptance of the Work, whether at common law or by the terms of this Contract, shall not be affected by such partial release of retainage prior to any final acceptance of the entire Project. The Contractor remains fully responsible for the Subcontractor’s Work and assumes any risk that might arise by virtue of the partial release to the Subcontractor of the withheld percentage, including the risk that the Subcontractor may not have fully paid for all materials, labor and equipment furnished to the Project. If the Principal Representative considers the Contractor’s request for such release satisfactory and supported by substantial reasons, the Architect/Engineer shall make a “final inspection” of the applicable portion of the Project ...
Release of Retainage. Owner’s release of retainage shall not constitute acceptance of Work that fails to conform to the Contract Documents.
Release of Retainage. Within fifteen (15) days after the Project Substantial Completion Date, subject to Section 4.5 Owner shall release to Contactor all cash Retainage, except for a cash amount equal to two hundred percent (200%) of the projected costs to complete any remaining items on the Punch Lists, as such cost is reasonably estimated by Owner. Within fifteen (15) days after the Final Completion Date, Owner shall release the remaining cash Retainage (less any amount utilized by Owner to perform any Punch List items).
Release of Retainage. Retainage(s) shall be released as follows:
(a) Retainage on any Subcontract shall be released within thirty days after such Subcontract has been fully performed and the following conditions have been satisfied:
(i) Borrower has delivered final and unconditional waivers of lien from the subcontractor whose individual Subcontract has been fully performed to the Title Company with copies to Lender;
(ii) All conditions precedent to disbursement of proceeds of the Construction Loan as set forth in this Agreement have been fully satisfied; and
(iii) Lender has received a certificate in writing signed by a duly authorized officer of Contractor and Architect certifying that the Work provided for in the Subcontract has been fully and satisfactorily completed in accordance with the Plans and Specifications, and in compliance with all Applicable Laws, and the Consultant has approved all such Work.
(b) Final disbursement of construction retainages to the Contractor for the Work not previously released shall be made upon satisfaction of the following conditions in addition to satisfaction of the other conditions precedent for disbursement of proceeds of the Construction Loan by Lender:
(i) Borrower has delivered to Lender (A) a certificate in writing signed by a duly authorized officer of the Contractor certifying that all obligations of the Contractor under the Construction Contract and all obligations of the subcontractors under the Subcontracts have been fully performed, and (B) a certificate signed by the Architect, certifying that the construction of the Work has been completed in all respects in accordance with the Plans and Specifications and the use and occupancy of the Project is permitted under all Applicable Laws;
(ii) If requested by Lender, Lender shall have received a certificate in writing signed by the Consultant certifying that the construction of the Work has been completed in all respects in accordance with the Plans and Specifications and the use and occupancy of the Project is permitted under all Applicable Laws;
(iii) Borrower has delivered to Lender all applicable licenses or permits necessary for the use of the Project, including without limitation, a final, unconditional certificate of occupancy the Project;
(iv) Borrower has delivered to Lender original policies of fire and extended coverage insurance as herein required, with Lender named as mortgagee and as an additional insured party and loss payee;
(v) The Title Company is unconditionally p...
Release of Retainage. 1. At 75% completion of the Project. When the Commission Representative determines that the Design-Builder has satisfactorily completed 75% of the Project, based upon invoice sums approved and due the Design-Builder, Retainage will be reduced to an amount equal to three percent (3%) of the Contract Price including approved Change Orders.
Release of Retainage. No retainage will be withheld by the County from progress payments due the prime consultant. Retainage by the prime consultant or subconsultants is prohibited, and no retainage will be held by the prime consultant from progress due subconsultants. Any violation of this provision shall subject the violating prime consultant or subconsultants to the penalties, sanctions, and other remedies specified in Section 7108.5 of the California Business and Professions Code. This requirement shall not be construed to limit or impair any contractual, administrative, or judicial remedies, otherwise available to the prime consultant or subconsultant in the event of a dispute involving late payment or nonpayment by the prime consultant or deficient subconsultant performance, or noncompliance by a subconsultant. This provision applies to both DBE and non-DBE prime consultants and subconsultants.
Release of Retainage. Within fifteen (15) Days after Final Completion and Owner’s receipt of an Invoice therefore, Owner shall, subject to its right to withhold under this Agreement, release to Contractor all Retainage with the final payment made pursuant to Section 7.3.
Release of Retainage. In addition to the conditions hereinbefore set forth in this Section 12, the Banks' obligation to make any Advance of Retainage shall, except as provided in Section 2.3, be subject to receipt by the Agent, of the following:
Release of Retainage. Within fifteen (15) days after the Project Substantial Completion Date, subject to Section
Release of Retainage. In addition to the conditions hereinbefore set forth in this Article, the Lender's obligation to make any Advance of Retainage shall be subject to receipt by the Lender of the following:
