Common use of Retention monies Clause in Contracts

Retention monies. The Retention Monies are to be retained by the Principal for the purpose of ensuring the due and proper performance by the Contractor of all of its obligations under the Contract. Subject to the provisions of the Contract (including but not limited to clause 31.3., when a Certificate of Practical Completion is issued (or if there is more than one portion of work, then on issue of the last Certificate of Practical Completion) one half of the Retention Monies held by the Principal as at that date will be released to the Contractor. Subject to the Contract, the balance of the Retention Monies held by the Principal shall be released to the Contractor within twenty-eight (28) days of the Final Certificate. Any reduction in the Retention Monies under clauses 30.2. or 30.3. shall not operate so as to waive, prejudice, release or discharge any of the conditions of the Contract or any of the obligations imposed on the Contractor by the Contract. Without limiting the Principal’s rights under any other provision in the Contract or at law, any debt due from the Contractor to the Principal under or by virtue of any provision of the Contract or any other amount owing by the Contractor to the Principal may be deducted by the Principal, at its election, from: any Progress Payment or other moneys which may be or thereafter become payable to the Contractor by the Principal; any Retention Monies then held by the Principal; or from the Contractor’s Security under the Contract (if any). Nothing in clause 30.5. shall affect the right of the Principal to recover from the Contractor the whole of the debt or any balance that remains owing after that deduction. Interest will not be payable by the Principal on any Retention Monies or Security or on the cash proceeds of any Security converted into money pursuant to clause 31.2..

Retention monies. The Retention Monies are to be retained by the Principal for the purpose of ensuring the due and proper performance by the Contractor of all of its obligations under the Contract. Subject to the provisions of the Contract (including but not limited to clause 31.3.Contract, when a Certificate of Practical Completion is issued (or if there is more than one portion of work, then on issue of the last Certificate of Practical Completion) one half of the Retention Monies held by the Principal as at that date will be released to the Contractor. Subject to the Contract, the balance of the Retention Monies held by the Principal shall be released to the Contractor within twenty-eight (28) days of the Final Certificate. Any reduction in the Retention Monies under clauses 30.2. 30.2 or 30.3. 30.3 shall not operate so as to waive, prejudice, release or discharge any of the conditions of the Contract or any of the obligations imposed on the Contractor by the Contract. Without limiting the Principal’s rights under any other provision in the Contract or at law, any debt due from the Contractor to the Principal under or by virtue of any provision of the Contract or any other amount owing by the Contractor to the Principal may be deducted by the Principal, at its election, from: any Progress Payment or other moneys which may be or thereafter become payable to the Contractor by the Principal; any Retention Monies then held by the Principal; or from the Contractor’s Security under the Contract (if any). Nothing in clause 30.5. 30.5 shall affect the right of the Principal to recover from the Contractor the whole of the debt or any balance that remains owing after that deduction. Interest will not be payable by the Principal on any Retention Monies or Security or on the cash proceeds of any Security converted into money pursuant to clause 31.2...