Common use of Retainage on construction contracts Clause in Contracts

Retainage on construction contracts. A. In any contract issued by the Institution for construction that provides for progress payments in installments based upon an estimated percentage of completion, the contractor shall be paid at least 95 percent of the earned sum when payment is due, with no more than five percent being retained to ensure faithful performance of the contract. All amounts withheld may be included in the final payment.

Retainage on construction contracts. A. In any contract issued by the Institution for construction that provides for progress payments in installments based upon an estimated percentage of completion, the contractor shall be paid at least 95 percent of the earned sum when payment is due, with no more than five 5 percent being retained to ensure faithful performance of the contract. All amounts withheld may be included in the final payment.

Retainage on construction contracts. A. In any contract issued by the Institution for construction that provides for progress payments in installments based upon an estimated percentage of completion, the contractor shall be paid at least 95 ninety-five percent of the earned sum when payment is due, with no more than five percent being retained to ensure faithful performance of the contract. All amounts withheld may be included in the final payment.

Retainage on construction contracts. A. In any contract issued by the Institution for construction that provides for progress payments in installments based upon an estimated percentage of completion, the contractor shall be paid at least 95 percent 95% of the earned sum when payment is due, with no more than five percent 5% being retained to ensure faithful performance of the contract. All amounts withheld may be included in the final payment.