Release of Retention. (a) Any part of the Retention which remains after any applications under Clause 4.2 shall be released to the Sellers on the date falling:
(i) 3 months following the first date of commercial sale of the New Product in France, except where there is an outstanding injunction (or written threat of injunction or similar relief which has a reasonable prospect of being enforced or awarded) in relation to the New Product; or
(ii) 2 years following the Closing Date, whichever occurs first.
(b) Where the Buyer has notified to the Sellers any Claim within the time period referred to in Clause 4.3(a), and such Claim has not been determined or lapsed under the provisions of this Agreement (including Clause 9.4) or the Tax Deed, there shall be retained with the Escrow Agent, on the terms of the Escrow Agreement, such amount of the then remaining amount of the Retention, as the Buyer, acting reasonably, considers necessary to satisfy such Claim pending the determination thereof, and Clause 4.2 shall continue to apply in relation to the amount so retained. Any balance of the Retention remaining after the determination of the last such Claim to be determined shall be released to the Sellers upon such determination.
Release of Retention. 8.4.2.1. Subject to the reduction and release of retention section below, Judicial Council will release Retention proceeds to the CMR only upon Completion of the Work as determined by the Director of Facilities Services, less any amounts that the Judicial Council is permitted or required to withhold as indicated herein and as permitted under applicable statute.
8.4.2.2. Notwithstanding the above, at any time after the Project is fifty percent (50%) complete and if satisfactory progress is being made, upon the approval of the Director in his or her sole discretion, the Judicial Council may: (i) reduce the Retention to as low as five percent (5%) with respect to any remaining progress payments, and/or (ii) allow the CMR to submit an invoice for the release of up to one-half of the amount of previously retained Retention as long as a minimum of 5% in retention is retained. CMR acknowledges that Judicial Council may seek CMR’s surety’s approval prior to reducing future Retention and/or releasing any previously retained Retention. In no event shall the Judicial Council be obligated to the early release or reduction of Retention pursuant to this section.
Release of Retention. 5.3.1 The release of retention money shall not become due until the expiration of the Defects Liability Period or until after the satisfactory completion of making good defects which shall have been so certified by the Employer's Representative pursuant to clause 4.5.2 hereof, whichever is the later. Provided always that the release of any retention money shall be subject to the condition precedent that the Contractor has provided the manuals and record drawings described in clause 12.5 hereof.
Release of Retention. (a) The definition of “completion” as used in this clause is the definition set forth at Public Contract Code section 7107.
(b) HACLA will release the retained amounts within 60 days after the date of completion, except that, to the extent permitted by law, HACLA may retain the amounts HACLA deems necessary to pay laborers and mechanics, including apprentices, trainees, and helpers, employed by the Contractor or any subcontractor the full amount of wages required by the Contract.
Release of Retention. 4.1 On the Termination Date, subject to receipt by the Buyer’s Solicitors and the Sellers' Solicitors of a Release Notice, the balance of the Retention and the Related Interest attributable to it, less:
(a) the amount of all Retention Claims which have not then been finally determined (as calculated in accordance with paragraph 4.2);
(b) any amount which the Buyer has notified in accordance with paragraph 3.1 of this Schedule, but which has not then been withdrawn from the Retention Account (which amount shall be paid to the Buyer);
(c) any amounts payable out of the Retention Account in accordance with paragraph (d) of the Instruction Letter; and
(d) the Related Interest attributable to the sums referred to in paragraphs (a), (b) and (c) above, shall be released to the Sellers’ Solicitors (to be distributed to the Sellers in accordance with the schedule provided pursuant to paragraph 4.5).
4.2 For the purposes of paragraph 4.1(a), to the extent there are any Retention Claims which have not been finally determined on the Termination Date:
(a) a sum equal to the lower of:
(i) the Buyer’s estimate of the amount of the Retention Claim (or all such Retention Claims, if more than one); and
(ii) the balance of the Retention, and the Related Interest attributable to it shall be retained in the Retention Account; and
(b) any sum retained in the Retention Account after the Termination Date in accordance with paragraph 4.2(a) above, and the Related Interest attributable to it, shall, subject to receipt by the Buyer’s Solicitors and the Sellers' Solicitors of a Release Notice, be released to the Buyer's Solicitors on behalf of the Buyer or the Sellers’ Solicitors on behalf of the Sellers (or in part to the Buyer's Solicitors on behalf of the Buyer with the balance to the Sellers’ Solicitors on behalf of the Sellers), as appropriate, as soon as practicable after that Retention Claim is finally determined and the provisions of paragraphs 3 and 4.1 shall apply mutatis mutandis to such release.
4.3 For the purposes of paragraph 4.2(b)(b), a Retention Claim shall also be regarded as finally determined if such claim is withdrawn.
4.4 Each of the Buyer and the Sellers shall, as soon as reasonably practicable and in any event no later than 10 Business Days following the date on which such payment is due, give or join in giving all such instructions to the Buyer’s Solicitors and the Sellers' Solicitors, including, without limitation, any Release Notices, as are required to en...
Release of Retention. Contractor's release of retention will be withheld until all backcharges have been resolved to the satisfaction of Contractor.
Release of Retention. Notwithstanding anything contained in this Section6 to the contrary, within seven (7) days following the date on which Contractors, final payment request is approved by Builder and all Work has been completed as provided herein. Builder will release to Contractor any retention withheld from Contractor, less one hundred fifty percent (150%) of the amount sufficient to pay the direct expenses Builder reasonably expects to incur to correct any disputed items, including any unsettled claims and incomplete, incorrect or defective work.
Release of Retention. Owner may also elect to increase the amount of a progress payment by an amount sufficient to enable CM/GC to make Final Payment, including full retainage, to a Subcontractor who has satisfactorily completed its portion of the Work, provided that CM/GC submits a written request for an amount to cover such payment together with all applicable waivers of lien and required close-out documents, and such submittals are approved and followed by Architect's issuance of a Certificate for Payment in the amount requested. Retention shall be released at Substantial Completion except as may be necessary to assure sufficient funds are available to complete punchlist work.
Release of Retention. Release of retention shall be in accordance with Subsection H of this Article.
Release of Retention. The release of retention money shall not become due until the expiration of the Warranty Period or at the end of the Time for Release of Retention, whichever is the earlier, provided that any defects or faults to the Supplies are duly addressed and rectified to the satisfaction of the Employer’s Representative.
