Common use of Retention Fund Clause in Contracts

Retention Fund. If the Contractor has been notified under Clause 79.3 (Results of Survey) that rectification and/or maintenance work is required, six (6) Contract Months prior to the Expiry Date the Authority shall (to the extent that the Outstanding Work has not been carried out in the interim) deduct the costs of that work as quantified by that survey referred to in Clause 79.1 (Final Survey) from the next following instalment (or, if the amount of such instalment is insufficient, the next instalments as necessary) of the Unitary Charge and pay such amount into an interest bearing account (the "Retention Fund Account") until this Contract has expired or terminated (subject to Clause 79.6 (Costs)).

Retention Fund. If the Contractor has been notified under Clause 79.3 clause 32.4.1 (Results of Survey) that rectification and/or maintenance work is required, six then twelve (612) Contract Months months prior to the Expiry Date the Authority shall (to the extent that the Outstanding Work has have not been carried out by the Contractor in the interim) deduct the costs of that work as quantified by that the survey referred to in Clause 79.1 clause 32.1 (Final Survey) from the next following instalment (or, if the amount of such instalment is insufficient, the next instalments as necessary) of the Monthly Unitary Charge and pay such amount into an interest bearing account (the "“Retention Fund Account"”) until this Contract Agreement has expired or terminated (subject to Clause 79.6 (Costs)clause 32.7).

Retention Fund. If the Contractor has been notified under Clause 79.3 clause 1.3 (Results of Survey) that rectification and/or maintenance work is required, six then twelve (612) Contract Months months prior to the Expiry Date the Authority shall (to the extent that the Outstanding Work has Works have not been carried out in the interim) deduct the costs of that work as quantified by that the survey referred to in Clause 79.1 clause 1.239 (Final Survey) from the next following instalment (or, if the amount of such instalment is insufficient, the next instalments as necessary) of the Monthly Unitary Charge Payment and pay such amount into an interest bearing account (the "Retention Fund Account") until this Contract Agreement has expired or terminated (subject to Clause 79.6 clause 1.244 (Costs)).