Retainage Payments Sample Clauses

The Retainage Payments clause establishes that a portion of the payment due to a contractor or subcontractor is withheld by the client until the completion of the project or the fulfillment of certain milestones. Typically, a fixed percentage of each progress payment is retained, with the balance released once the work is satisfactorily completed and any defects are remedied. This clause serves to incentivize the contractor to complete the project to the required standards and provides the client with financial security against incomplete or defective work.
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Retainage Payments. Retainage payments shall be made by the Contractor to the Subcontractor upon final acceptance of the work by the Owner and in accordance with the terms of the Prime Contract. Contractor shall notify Subcontractor when Retainage Requisitions will be accepted. Subcontractor shall submit to the Contractor’s Project Superintendent a pencil copy of the retainage requisition for payment. Following approval by the Project Superintendent, the Subcontractor shall submit a formal copy to the Contractor’s Main Office and to the Project Superintendent within five days of approval of the pencil copy. All retainage payment requisitions must be presented along with a schedule of values using AIA documents G702 and G703, a Release of Liens for Retainage Payment, an AIA Form G706A – Affidavit of Release of ▇▇▇▇▇ and an AIA Form G706 – Affidavit of Payment of Debts and Claims. All completed payment requisitions and Release of Liens documents must be submitted to the Contractor’s main office in addition to the project site. Retainage payment will be made within forty five (45) days of invoice presentation, provided payment has been received from Owner.
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Retainage Payments. Retainage payments shall be made by the Contractor to the Subcontractor upon final acceptance of the work by the Owner and in accordance with the terms of the Prime Contract. Contractor shall notify Subcontractor when Retainage Requisitions will be accepted. Subcontractor shall submit to the Contractor’s Project Superintendent a pencil copy of the retainage requisition for payment. Following approval by the project superintendent, the Subcontractor shall submit a formal copy to the Contractor’s Main Office and to the Project Superintendent within five days of approval of the pencil copy. The Contractor will pay the amount of the retainage requisition within forty five (45) days providing payment has been received from Owner. All retainage payment requisitions must be presented along with a schedule of values using AIA documents G702 and G703, a Release of Liens for Retainage Payment, an AIA Form G706A – Affidavit of Release of Liens and an AIA Form G706 – Affidavit of Payment of Debts and Claims. All completed payment requisitions and Release of Liens documents must be submitted to the Contractor’s main office in addition to the project site. Retainage payment to be made within forty five (45) days of invoice presentation providing payment has been received from Owner. 9.1 Subcontractor shall be liable for any damages incurred by Contractor, including legal fees, as a consequence of the failure by the Subcontractor to comply with these terms and conditions.
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Related to Retainage Payments

  • EXPENSE PAYMENTS The Owner hereby gives power to the Agent to pay expenses and costs for the Property from the Owner’s funds held by the Agent, unless otherwise directed by the Owner. The expenses and costs may include, but are not limited to, property management compensation, fees and charges, expenses for goods and services, property taxes and other taxes, association or condominium dues, assessments, loan payments, and insurance premiums.

  • Annual Payments The Settling Distributors shall make eighteen (18) Annual Payments, each comprised of base and incentive payments as provided in this Section IV, as well as fifty percent (50%) of the amount of any Settlement Fund Administrator costs and fees that exceed the available interest accrued in the Settlement Fund as provided in Section V.C.5, and as determined by the Settlement Fund Administrator as set forth in this Agreement. 1. All data relevant to the determination of the Annual Payment and allocations to Settling States and their Participating Subdivisions listed on Exhibit G shall be submitted to the Settlement Fund Administrator no later than sixty (60) calendar days prior to the Payment Date for each Annual Payment. The Settlement Fund Administrator shall then determine the Annual Payment, the amount to be paid to each Settling State and its Participating Subdivisions included on Exhibit G, and the amount of any Settlement Fund Administrator costs and fees, all consistent with the provisions in Exhibit L, by: a. determining, for each Settling State, the amount of base and incentive payments to which the State is entitled by applying the criteria under Section IV.D, Section IV.

  • Interest Subsidy and Special Allowance Payments and Rebate Fees The Seller shall be entitled to all Interest Subsidy Payments and Special Allowance Payments on each Additional Loan or Substituted Loan accruing up to but not including the related Subsequent Cutoff Date and shall be responsible for the payment of any rebate fees applicable to such Purchased Loans subject to the related ▇▇▇▇ of Sale accruing up to but not including the related Subsequent Cutoff Date. The Purchaser and the Eligible Lender Trustee on behalf of the Purchaser shall be entitled to all Special Allowance Payments and Interest Subsidy Payments accruing from the related Subsequent Cutoff Date with respect to the Additional Loans or Substituted Loans, and shall be responsible for the payment of any rebate fees applicable to the Additional Loans accruing from the date of the related Subsequent Cutoff Date.

  • Overtime Payments Full-time and Part-time Employees

  • Operating Expense Payments Landlord shall deliver to Tenant a written estimate of Operating Expenses for each calendar year during the Term (the “Annual Estimate”), which may be revised by Landlord from time to time during such calendar year. During each month of the Term, on the same date that Base Rent is due, Tenant shall pay Landlord an amount equal to 1/12th of Tenant’s Share of the Annual Estimate. Payments for any fractional calendar month shall be prorated.