Retainage. The Owner will withhold from each progress payment, as retainage, 5 percent of the total earned amount, or the amount authorized by law. Retainage is managed in conformance with Tex. Gov’t Code, Chapter 2252, Government Code, subchapter B. 10.3.2.1 The Contractor shall provide written consent of its Surety for any request for reduction or release of retainage. 10.3.2.2 At least sixty-five (65) percent of the total Contract must be completed before the Owner can consider a retainage reduction or release.
Appears in 33 contracts
Samples: Construction Contract, Construction Contract, Construction Management Agreement
Retainage. The Owner will withhold from each progress payment, as retainage, 5 percent of the total earned amount, or the amount authorized by law. Retainage is managed in conformance with Tex. Gov’t Code, Chapter 2252, Government Code, subchapter B.
10.3.2.1 The Contractor shall provide written consent of its Surety for any request for reduction or release of retainage.
10.3.2.2 At least sixty-five (65) percent of the total Contract, or such other discrete Work phase as set forth in Subsection 12.1.6 or Work package delineated in the Contract must be completed before the Owner can consider a retainage reduction or release.Documents, must
Appears in 6 contracts
Samples: Construction Manager at Risk Agreement, Construction Manager at Risk Agreement, Construction Management Agreement
