Common use of Retainage Clause in Contracts

Retainage. Owner will withhold from each progress payment, as retainage, five (5) percent of the total earned amount, the amount authorized by law, or as otherwise set forth in the Owner’s Special Conditions. Retainage is managed in conformance with Tex. Gov’t Code, Chapter 2252, Subchapter B. 10.3.2.1 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 Contract, or such other discrete Work phase as set forth in Subsection 12.1.6 or Work package delineated in the Contract Documents, must be completed before Owner can consider a retainage reduction or release. 10.3.2.3 Contractor shall not withhold retainage from their Subcontractors and suppliers in amounts that are any percentage greater than that withheld in its Contract with Owner under this subsection, unless otherwise acceptable to Owner.

Retainage. Owner will withhold from each progress payment, as retainage, five (5) percent of the total earned amount, the amount authorized by law, or as otherwise set forth in the Owner’s Supplementary General Conditions or Special Conditions. Retainage is managed in conformance with Tex. Gov’t Code, Chapter 2252, Subchapter B. 10.3.2.1 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 Contract, or such other discrete Work phase as set forth in Subsection 12.1.6 or Work package delineated in the Contract Documents, must be completed before Owner can consider a retainage reduction or release. 10.3.2.3 Contractor shall not withhold retainage from their Subcontractors and suppliers in amounts that are any percentage greater than that withheld in its Contract with Owner under this subsection, unless otherwise acceptable to Owner.

Retainage. Owner will withhold from each progress payment, as retainage, five (5) percent of the total earned amount, the amount authorized by law, or as otherwise set forth in the Owner’s Supplementary General Conditions or Special Conditions. Retainage is managed in conformance with Tex. Gov’t Code, Chapter Ch. 2252, Subchapter Subch. B. 10.3.2.1 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 Contract, or such other discrete Work phase as set forth in Subsection 12.1.6 or Work package delineated in the Contract Documents, must be completed before Owner can consider a retainage reduction or release. 10.3.2.3 Contractor shall not withhold retainage from their Subcontractors and suppliers in amounts that are any percentage greater than that withheld in its Contract with Owner under this subsection, unless otherwise acceptable to Owner.