Retainage of Security for Warrantied Materials and Equipment and Labor Sample Clauses

Retainage of Security for Warrantied Materials and Equipment and Labor. As security for the Contractor’s faithful performance of its obligations under this Article 11, the Owner may deduct any payment due the Contractor upon Substantial Completion and/or upon Final Completion an amount equal to one (1%) percent of the Maximum Contract Price, or such other amount as may be fixed in the Plans and Specifications or other Contract Documents.
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs

Related to Retainage of Security for Warrantied Materials and Equipment and Labor

  • Materials and Equipment ‌ Material means property that may be consumed or expended during performance, component parts of a higher assembly, or items that lose their individual identity through incorporation into an end item. Equipment means a tangible item that is functionally complete for its intended purpose, durable, nonexpendable, and needed for performance. Materials and Equipment shall be priced in accordance with the terms of the task order award, contract type, and applicable FAR and agency-specific regulatory supplements. Unless otherwise directed by task order terms and conditions, the Contractor may apply indirect costs to materials and equipment consistent with the Contractor’s usual accounting practices.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!