Retainage on Progress Payments. Retainage will not be withheld from Progress Payments.
Retainage on Progress Payments. 7.2.1 Pursuant to Chapter RCW 60.28, and Article 6 of the General Conditions, Owner will retain five percent (5%) of each approved Application for Payment to be retained as a trust fund for the protection and payment of the claims of any person arising under the contract and the state with respect to taxes imposed pursuant to Titles 50, 51, and 82 RCW which may be due from Design- Builder.
Retainage on Progress Payments. 7.2.1 Owner will retain ten percent ( 10%) of each payment provided, however, that when fifty percent (50%) of the Work ($38,343,191.00 aggregate payment) has been completed by Design-Builder, Owner will not retain any additional amounts from Design-Builder’s subsequent payments, unless there is less than $3,834,319.10 total retainage. Owner will also reasonably consider reducing retainage for Subcontractors completing their work early in the Project.
7.2.2 Upon Substantial Completion of the entire Work or, if applicable, any portion of the Work, pursuant to Section 6.6 of the General Conditions of Contract, Owner shall release to Design-Builder all retained amounts relating, as applicable, to the entire Work or completed portion of the Work, less an amount equal to the reasonable value of all remaining or incomplete items of Work as noted in the Certificate of Substantial Completion, provided that such payment shall only be made if Design-Builder has met the Performance Guarantee Criteria listed in Exhibit A.
Retainage on Progress Payments. Owner will retain ten percent (10%) of each payment up to a maximum of Six Million One Hundred Twenty-seven Thousand One Hundred Eighteen Dollars ($6,127,118.00). Once Six Million One Hundred Twenty-seven Thousand One Hundred Eighteen Dollars ($6,127,118.00) has been retained, in total, Owner will not retain any additional amounts from any subsequent payments. Owner will also reasonably consider reducing retainage for Subcontractors completing their work early in the Project. Upon Substantial Completion of the Work Owner shall release to Design-Builder all retained amounts less an amount equal to the reasonable value of all remaining or incomplete items of Work and less an amount equal to the value of any Subcontractor lien waivers not yet obtained, as noted in the Certificate of Substantial Completion, provided that such payment shall only be made if Design-Builder has met the Performance Guarantee Criteria listed in Exhibit A.
Retainage on Progress Payments. 7.3.1 Design-Builder will retain from each of Design-Build Subcontractor’s Application for Payment five percent (5.00%). Unless mutually agreed otherwise between the parties, retainage will be included in Design-Builder’s final payment to Design-Build Subcontractor, provided Design-Builder has received such retained amounts from Owner.
Retainage on Progress Payments. 8.2.1. Initial Retainage Amount 8.2.2. Owner’s Right to Reduce Retainage
Retainage on Progress Payments. Owner will retain ten percent (10%) of each payment up to a maximum of Five Million Two Hundred Ninety-nine Thousand Eight Hundred Fifty Dollars ($5,299,850.00). The maximum retainage set forth herein shall increase if the Contract Price is increased pursuant to Section 9.2 of this Agreement, such that the maximum retainage will equal five (5%) of the Contract Price as adjusted. Once Five Million Two Hundred Ninety-nine Thousand Eight Hundred Fifty Dollars ($5,299,850.00) has been retained, in total, Owner will not retain any additional amounts from any subsequent payments. Owner will also reasonably consider reducing retainage for Subcontractors completing their work early in the Project. Upon Substantial Completion of the Work Owner shall release to Design-Builder all retained amounts less an amount equal to one hundred fifty percent (150%) of the reasonable value of all remaining or incomplete items of Work and less an amount equal to the value of any Subcontractor lien waivers not yet obtained, as noted in the Certificate of Substantial Completion, provided that such payment shall only be made if Design-Builder has met the Performance Guarantee Criteria listed in Exhibit A.
Retainage on Progress Payments. 8.2.1 Owner will retain five percent (5%) of each Application for Payment until final payment, except as otherwise expressly provided in this Section 8.2.
8.2.2 Notwithstanding the foregoing, retainage will not be withheld from payments to the CM for its Preconstruction Phase Fee, Preconstruction Phase Reimbursables, or the CM's General Conditions Costs. Additionally, with Owner's consent, such consent not to be unreasonably withheld, retainage shall not be withheld from payments to the CM with regard to payments for direct purchases of materials, appliances, and equipment by the CM when such retainage is not commercially feasible.
8.2.3 The parties may agree to the early release of retainage for selected Subcontractors upon the satisfactory completion and acceptance of the Work of the respective Subcontractor, or at such other time as agreed by the Owner and the CM.
8.2.4 Any reduction or release of retainage, or portion thereof, shall not be a waiver of (1) any of the Owner's rights to retainage in connection with other payments to the CM or (2) any other right or remedy that the Owner has under the Contract Documents, at law or in equity.
8.2.5 Retainage under Subcontracts shall be included in CM's Application and Certificate for Payment for the purpose of indicating the value of the Work performed; however, CM shall not request payment thereof from Owner until such retainage is actually paid or payable.
8.2.6 Such retained amounts shall not be due and payable to CM until Substantial Completion of the entire Work as certified by the A/E, at which time Owner shall pay all retainage to CM, withholding only 150% of the reasonably estimated cost to complete all remaining Work, to fulfill CM's remaining obligations under the Contract, and to cover any outstanding, unpaid claims.
Retainage on Progress Payments. Owner will retain ten percent (10%) of each payment up to a maximum of [Five Percent of Contract Price Spelled Out] Dollars($[5% of Price in Numbers]). Once [Five Percent of Contract Price Spelled Out] Dollars($[5% of Price in Numbers]) has been retained, in total, Owner will not retain any additional amounts from any subsequent payments. Owner will also reasonably consider reducing retainage for Subcontractors completing their work early in the Project. Upon Substantial Completion of the Work Owner shall release to Design-Builder all retained amounts less an amount equal to the reasonable value of all remaining or incomplete items of Work and less an amount equal to the value of any Subcontractor lien waivers not yet obtained, as noted in the Certificate of Substantial Completion, provided that such payment shall only be made if Design-Builder has met the Performance Guarantee Criteria listed in Exhibit A as demonstrated in Performance Tests conducted pursuant to Section 7.2.
Retainage on Progress Payments. 8.2.1. Initial Retainage Amount
