Retention Money. (i) From every payment for Works due to the Contractor in accordance with the provisions of Clause 19.5, the Authority shall deduct 6% (six per cent) thereof as guarantee money for performance of the obligations of the Contractor during the Construction Period (the “Retention Money”) subject to the condition that the maximum amount of Retention Money shall not exceed 5% (five per cent) of the Contract Price.
Retention Money. As the said work falls in the Mechanical & Electrical Category hence the retention money will not be applicable.
Retention Money. 5% of contract amount shall be retained by the buyer (in the form of Bank Guarantee to be submitted by the Supplier/s for the contract amount) till the defect liability period of one year is over.
Retention Money. An amount @ 5 % of the bill amount will be retained by the SBI from the bills and the same will be released by the SBI against Bank guarantee for equal amount issued by any Nationalized /Scheduled Bank in the SBI’s approved format valid for 1 year. The Bank guarantee shall be released only after completion of warranty period of 1year provided no complaint is received in the office chairs or the defects has been rectified by replacing the same satisfactorily. The successful bidder may choose to submit such Bank Guarantee to the SBI soonafter commencement of work to avoid deduction of retention money from the Xxxxx.Xx advance on materials / plant / machinery or mobilization advance shall be paid in any circumstances.
Retention Money. 8 Right of Way
Retention Money. 19.1 Retention money shall be deducted at 10% (ten percent) of each interim payment, up to a maximum of 5% (five percent) of the final Contract Price.
Retention Money. 8 Right of Way 8.1 The Site 8.2 Procurement of the Site 8.3 Damages for delay in handing over the Site 8.4 Site to be free from Encumbrances 8.5 Protection of Site from encroachments 8.6 Special/ temporary Right of Way 8.7 Access to the Authority and the Authority’s Engineer 8.8 Geological and archaeological finds 9 Utilities and Trees
Retention Money. 1.1.4.3 Cost 1.1.1.6 Schedules
Retention Money. The percentage retention on the amounts due to the Contractor is 10% (ten percent). The limit of retention is 10% of the Contract Sum, including allowances for contingencies. This reduces to 5% upon the issue of the Certificate of Practical Completion. The remaining 5% retention will be released upon the issue of the Final Completion upon lapse of the defects liability period. Retention amount will not exceed 10% of the Contract Sum
Retention Money. 10% of the total value of the Running Account and Final Xxxx will be deducted and retained by the Owner as retention money on account of any damage/defect liability that may arise for the period covered under the defect liability period clause of the Contract free of interest. Any damage or defect that may arise or lie undiscovered at the time of issue of completion certificate connected in any way with the equipment or materials supplied by contractor or in workmanship shall be rectified or replaced by the contractor at his own expense failing which the Owner shall be entitled to rectify the said damage/defect from the retention money. Any excess of expenditure incurred by the Owner on account of damage or defect shall be payable by the Contractor. The decision of the Owner in this behalf shall not be liable to be questioned but shall be final and binding on the Contractor. Thus, deduction towards retention money is applicable only in case of job/works contracts (civil, mechanical, electrical, maintenance etc.) where any damage or defect may arise in future (i.e. within 12 months from the date of completion of job) or lie undiscovered at the time of issue of completion certificate.
