Common use of Retention monies Clause in Contracts

Retention monies. 12.3.1, 12.3.2 The percentage to be retained from each progress payment and the limit of the total sums retained shall be in accordance with the following: (a) For the Contract Works, • 5% on the first $200,000, and • 2.5% on the next $800,000, and • 0.87% on amounts in excess of $1,000,000, and • With a maximum total retention when aggregated of $500,000, and • With a defects liability retention of 100% of the total retention. 🗹 (b) The retention scale in the right hand column: 🞏

Retention monies. 12.3.1, 12.3.2 The percentage to be retained from each progress payment and the limit of the total sums retained shall be in accordance with the following: (a) For the Contract Works, • 5% on the first $200,000, and • 2.5% on the next $800,000, and • 0.87% on amounts in excess of $1,000,000, and • With a maximum total retention when aggregated of $500,000, and • With a defects liability retention of 100% of the total retention. 🗹 (b) The retention scale in the right hand column: 🞏

Retention monies. 12.3.1, 12.3.2 The percentage to be retained from each progress payment and the limit of the total sums retained shall be in accordance with the following: Clause in General Conditions Title and subject matter Specific condition data (a) For the Contract Works, • 5% on the first $200,000, and • 2.5% on the next $800,000, and • 0.87% on amounts in excess of $1,000,000, and • With a maximum total retention when aggregated of $500,000, and • With a defects liability retention of 100% of the total retention. 🗹 (b) The retention scale in the right hand column: 🞏