Common use of Retention Reduction Clause in Contracts

Retention Reduction. If all the conditions of payment set forth in Article 11(c) have been met (except for minor punch list items or claims of non-material deficiencies in the Work, the value of which items or claims will be mutually determined in good faith by Purchaser and Seller), Seller will invoice Purchaser for the retention amount less twice the determined value of such items or claims. Upon the correction or elimination of such items or claims, Seller will invoice Purchaser for the balance of the retention amount.