Common use of Release of Retainage Clause in Contracts

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 to determine whether the Subcontractor ’s Work has been completed in accordance with the Contract Documents. A final punch list shall be made for the Subcontractor’s Work and the procedures of Article 41, Completion, Final Inspection, Acceptance and Settlement, shall be followed for that portion of the Work, except that advertisement of the intent to make final payment to the Subcontractor shall be required only if the Principal Representative has reason to believe that a supplier or Subcontractor to the Subcontractor for which the request is made, may not have been fully paid for all labor and materials furnished to the Project.

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 Contract Documents 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 to determine whether the Subcontractor Subcontractor’s Work has been completed in accordance with the Contract Documents. A final punch list shall be made for the Subcontractor’s Work and the procedures of Article 4117, Completion, Final Inspection, Acceptance and Settlement, shall be followed for that portion of the Work, except that advertisement of the intent to make final payment to the Subcontractor shall be required only if the Principal Representative has reason to believe that a supplier or Subcontractor to the Subcontractor for which the request is made, may not have been fully paid for all labor and materials furnished to the Project.

Release of Retainage. The Contractor may, for satisfactory 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 substantial reasons shown 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 Principal Representative’s satisfactionTitle Company with copies to Lender; (ii) All conditions precedent to disbursement of proceeds of the 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 certifying that the Work provided for in the Subcontract has been fully and satisfactorily completed in accordance with the Plans and Specifications, make a written request and in substantial compliance with all Applicable Laws, and the Consultant has approved all such Work. (b) Final disbursement of construction Retainages to the Principal Representative and Contractor for the Architect/Engineer for release of part or all Work not previously released shall be made upon satisfaction of the withheld percentage applicable following conditions in addition to satisfaction of the Work other conditions precedent for disbursement of proceeds of the Loan by Lender: (i) Borrower has delivered to Lender (A) a Subcontractor which has completed certificate in writing signed by a duly authorized officer of the subcontracted Work in 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 manner finally acceptable to the Architect/Engineer, certificate signed by the Contractor, and certifying that 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 construction 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 to determine whether the Subcontractor ’s Work has been completed in all respects in accordance with the Contract Documents. A final punch list Plans and Specifications and the use and occupancy of the Project is permitted under all Applicable Laws; (ii) If requested by Lender, Lender shall be made have received a certificate in writing signed by the Consultant certifying that the construction of the Work has been substantially completed in all material 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 Subcontractor’s use of the Project, including without limitation, a certificate of occupancy the Project (or a local equivalent, if applicable); (iv) Borrower has delivered to Lender certificates of fire and extended coverage insurance as herein required (or, if requested by Lender, copies of such policies), and if any Tenants are in occupancy, rent loss insurance in form and substance reasonably satisfactory to Lender, with Lender named as mortgagee and as an additional insured party and loss payee, as applicable; (v) The Title Company is unconditionally prepared to issue its final updated date down endorsement covering the Principal Balance of the Loan, subject only to the Permitted Exceptions and other exceptions approved by Lender in writing, and containing its final forms of Comprehensive Endorsement 1 and ALTA 3.1 Zoning Endorsement (without exception and based on as-built conditions), and including full coverage against all mechanics’ liens and such other endorsements as are required under Section 4.4 above; and (vi) Borrower has delivered to the Title Company and Lender final and unconditional waivers of lien from the Contractor and all subcontractors and materialmen who have supplied labor or material in connection with the Work and the procedures of Article 41, Completion, Final Inspection, Acceptance and Settlement, shall be followed for that portion of the Work, except that advertisement of the intent to make who have not previously submitted such final payment to the Subcontractor shall be required only if the Principal Representative has reason to believe that a supplier or Subcontractor to the Subcontractor for which the request is made, may not have been fully paid for all labor and materials furnished to the Projectwaivers.

Release of Retainage. The Contractor may, for satisfactory 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 substantial reasons shown 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 Principal Representative’s satisfaction, make a written request Title Company with copies to the Principal Representative and the Architect/Engineer for release Lender; (ii) All conditions precedent to disbursement of part or all proceeds of the withheld percentage applicable to 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 certifying that the Work of a Subcontractor which provided for in the Subcontract has been fully and satisfactorily completed in accordance with the subcontracted Work Plans and Specifications, and in a manner finally acceptable to the Architect/Engineer, the Contractorcompliance with all Applicable Laws, and the Principal Representative. Any Consultant has approved all 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 Work. (b) Final disbursement 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 construction retainages 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 Contractor for the Work subject to the release of retainage. Any rights not previously released shall be made upon satisfaction of the Principal Representative which might be terminated by or from the date of any final acceptance following conditions in addition to satisfaction of the Work, whether at common law or by the terms other conditions precedent for disbursement of this Contract, shall not be affected by such partial release of retainage prior to any final acceptance proceeds of the entire Project. The Contractor remains fully responsible for the Subcontractor’s Work and assumes any risk that might arise Loan by virtue Lender: (i) Borrower has delivered to Lender a certificate in writing signed by a duly authorized officer of the partial release to the Subcontractor Contractor certifying that all obligations of the withheld percentageContractor under the Construction Contract and all obligations of the subcontractors under the Subcontracts have been fully performed, including the risk and 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” construction of the applicable portion of the Project to determine whether the Subcontractor ’s Work has been completed in all respects in accordance with the Contract Documents. A 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 for each Unit as final punch list shall be disbursement of retainage is made for such Units; (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 prepared to issue its final updated Title Policies, subject only to the Subcontractor’s Permitted Exceptions and other exceptions approved by Lender in writing, and containing full coverage against all mechanics' liens and such other endorsements as are required under Section 4.5 above, as modified by the requirements under Section 5.2 above; (vi) Borrower has delivered to the Title Company and Lender final and unconditional waivers of lien from the Contractor and all subcontractors and materialmen who have supplied labor or material in connection with the Work and the procedures of Article 41, Completion, Final Inspection, Acceptance and Settlement, shall be followed for that portion of the Work, except that advertisement of the intent to make who have not previously submitted such final payment to the Subcontractor shall be required only if the Principal Representative has reason to believe that a supplier or Subcontractor to the Subcontractor for which the request is made, may not have been fully paid for all labor and materials furnished to the Projectwaivers.

Release of Retainage. The Contractor Design/Build Entity 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 Principal Representative, the Architect/Engineer, the Contractor, Engineer and the Principal RepresentativeDesign/Build Entity. Any such request shall be supported by a written approval from the Surety furnishing the ContractorDesign/Build Entity’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 ContractorDesign/Build Entity, any applicable warranties, as-built information, maintenance manuals and other customary close-out documentation. Neither the The Principal Representative nor the Architect Engineer shall not be obligated to review such documentation nor shall they the Principal Representative be deemed to assume any obligations to third parties by any review undertaken. The ContractorDesign/Build Entity’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 Design/Build Entity 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 ContractorDesign/Build Entity’s request for such release satisfactory and supported by substantial reasons, the Principal Representative and the Architect/Engineer shall make a “final inspection” of the applicable portion of the Project to determine whether the Subcontractor Subcontractor’s Work has been completed in accordance with the Contract Documents. A final punch list shall be made for the Subcontractor’s Work and the procedures of Article 41, Completion, Final Inspection, Acceptance and Settlement, shall be followed for that portion of the Work, except that advertisement of the intent to make final payment to the Subcontractor shall be required only if the Principal Representative has reason to believe that a supplier or Subcontractor to the Subcontractor for which the request is made, may not have been fully paid for all labor and materials furnished to the Project.

Release of Retainage. The Contractor may, for satisfactory 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 substantial reasons shown 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 Principal Representative’s satisfaction, make a written request Title Company with copies to the Principal Representative and the Architect/Engineer for release Lender; (ii) All conditions precedent to disbursement of part or all proceeds of the withheld percentage applicable to 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 of a Subcontractor which provided for in the Subcontract has been fully and satisfactorily completed in accordance with the subcontracted Work Plans and Specifications, and in a manner finally acceptable to the Architect/Engineer, the Contractorcompliance with all Applicable Laws, and the Principal Representative. Any Consultant has approved all 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 Work. (b) Final disbursement 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 construction retainages 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 Contractor for the Work subject to the release of retainage. Any rights not previously released shall be made upon satisfaction of the Principal Representative which might be terminated by or from the date of any final acceptance following conditions in addition to satisfaction of the Workother 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, whether at common law or and (B) a certificate signed by the terms of this ContractArchitect, shall not be affected by such partial release of retainage prior to any final acceptance certifying that the construction 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 to determine whether the Subcontractor ’s Work has been completed in all respects in accordance with the Contract Documents. A final punch list Plans and Specifications and the use and occupancy of the Project is permitted under all Applicable Laws; (ii) If requested by Lender, Lender shall be made 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 Subcontractor’s 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 prepared to issue its final updated ALTA loan policy of title insurance covering the Principal Balance, subject only to the Permitted Exceptions and other exceptions approved by Lender in writing, and containing its final forms of Comprehensive Endorsement 1 and ALTA 3.1 Zoning Endorsement (without exception and based on as-built conditions), full coverage against all mechanics' liens and such other endorsements as are required under Section 4.5 above; (vi) Borrower has delivered to the Title Company and Lender final and unconditional waivers of lien from the Contractor and all subcontractors and materialmen who have supplied labor or material in connection with the Work and the procedures of Article 41, Completion, Final Inspection, Acceptance and Settlement, shall be followed for that portion of the Work, except that advertisement of the intent to make who have not previously submitted such final payment to the Subcontractor shall be required only if the Principal Representative has reason to believe that a supplier or Subcontractor to the Subcontractor for which the request is made, may not have been fully paid for all labor and materials furnished to the Projectwaivers.

Release of Retainage. The Contractor Design/Build Entity 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 Principal Representative, the Design Build Entity’s Architect/Engineer, the Contractor, Engineer and the Principal RepresentativeDesign/Build Entity. Any such request shall be supported by a written approval from the Surety furnishing the ContractorDesign/Build Entity’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 ContractorDesign/Build Entity, any applicable warranties, as-built as‐built information, maintenance manuals and other customary close-out close‐out documentation. Neither the The Principal Representative nor the Architect Engineer shall not be obligated to review such documentation nor shall they the Principal Representative be deemed to assume any obligations to third parties by any review undertaken. The ContractorDesign/Build Entity’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 Design/Build Entity 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 ContractorDesign/Build Entity’s request for such release satisfactory and supported by substantial reasons, the Principal Representative and the Design Build Entity’s Architect/Engineer shall make a “final inspection” of the applicable portion of the Project to determine whether the Subcontractor Subcontractor’s Work has been completed in accordance with the Contract Documents. A final punch list shall be made for the Subcontractor’s Work and the procedures of Article 41, Completion, Final Inspection, Acceptance and Settlement, shall be followed for that portion of the Work, except that advertisement of the intent to make final payment to the Subcontractor shall be required only if the Principal Representative has reason to believe that a supplier or Subcontractor to the Subcontractor for which the request is made, may not have been fully paid for all labor and materials furnished to the Project.