Common use of Retainage on Progress Payments Clause in Contracts

Retainage on Progress Payments. Owner will retain ten percent (10%) of each payment up to a maximum of Six Million Two Hundred Ninety-five Thousand One Hundred Eighty-five Dollars ($6,295,185.00). Once Six Million Two Hundred Ninety-five Thousand One Hundred Eighty-five Dollars ($6,295,185.00) has been retained, in total, Owner will not retain any additional amounts from any subsequent payments. Notwithstanding the foregoing, 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 percent (5%) of the Contract Price as adjusted. 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 and 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. Owner will retain ten percent (10%) of each payment up to a maximum of Six Five Million Two Hundred Ninety-five Thousand One Four Hundred Eighty-five Thousand Three Hundred Thirty-nine Dollars ($6,295,185.005,485,339.00). Once Six Five Million Two Hundred Ninety-five Thousand One Four Hundred Eighty-five Thousand Three Hundred Thirty-nine Dollars ($6,295,185.005,485,339.00) has been retained, in total, Owner will not retain any additional amounts from any subsequent payments. Notwithstanding the foregoing, 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 percent (5%) of the Contract Price as adjusted. 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 and 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. Owner will retain ten percent (10%) of each payment up to a maximum of Six Five Million Two Hundred Ninety-five nine Thousand One Eight Hundred Eighty-five Fifty Dollars ($6,295,185.005,299,850.00). 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 Six Five Million Two Hundred Ninety-five nine Thousand One Eight Hundred Eighty-five Fifty Dollars ($6,295,185.005,299,850.00) has been retained, in total, Owner will not retain any additional amounts from any subsequent payments. Notwithstanding the foregoing, 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 percent (5%) of the Contract Price as adjusted. 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 and 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. Owner will retain ten percent (10%) of each payment up to a maximum of Six Million Two Ten Thousand Eight Hundred Ninety-five Thousand One Hundred EightyTwenty-five Dollars ($6,295,185.006,010,825.00). Once Six Million Two Ten Thousand Eight Hundred Ninety-five Thousand One Hundred EightyTwenty-five Dollars One Earth Energy, LLC May 17, 2007 ($6,295,185.006,010,825.00) has been retained, in total, Owner will not retain any additional amounts from any subsequent payments. Notwithstanding the foregoing, 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 percent (5%) of the Contract Price as adjusted. 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 and 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.