Release of Retention Amounts Prior to Completion Sample Clauses

Release of Retention Amounts Prior to Completion. The City shall have the right (but not the obligation) to do any or all of the following: (i) not withhold any Retention from subcontractors in certain categories designated by Borrower; (ii) release Retention amounts relating to subcontractors in categories designated by Borrower; or (iii) release Retention amounts relating to subcontractors in categories designated by Borrower, upon satisfaction of the following conditions as to such subcontract: (A) submission to the City of unconditional lien releases or waivers obtained by Borrower or Borrower’s agent; (B) the Project architect certifies that the work covered by such subcontract has been completed in a good and workmanlike manner and in accordance with the approved plans and specifications and (C) any mechanic’s liens that have been recorded or stop notices that have been delivered to the City have been paid, settled, bonded around or otherwise extinguished or discharged, and both of the Lenders have been provided satisfactory evidence of such payment, settlement, bond or discharge, including, without limitation, all statutory waivers.
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Related to Release of Retention Amounts Prior to Completion

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  • FINAL COMPLETION AND FINAL PAYMENT 9.9.1 Upon receipt of written notice that the Work is ready for final inspection and acceptance and upon receipt of a final Application for Payment, the Architect will promptly make such inspection and, when he or she finds the Work acceptable under the Contract Documents and the Contract fully performed, he or she will promptly issue a final Certificate for Payment stating that to the best of his / her knowledge, information and belief, and on the basis of his or her observations and inspections, the Work has been completed in accordance with the terms and conditions of the Contract Documents and that the entire balance found to be due the Contractor, and noted in said final Certificate, is due and payable. The Architect's final Certificate for Payment will constitute a further representation that the Contractor has fulfilled the conditions entitling him or her to final payment as set forth in Subparagraph 9.9.2 of these General Conditions.

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