Retention Sum Sample Clauses
A Retention Sum clause establishes that a portion of the contract payment is withheld by the client until certain obligations, such as satisfactory completion of work or the end of a defects liability period, are fulfilled by the contractor. Typically, a fixed percentage of each payment is retained, and the withheld amount is released once the contractor has met all specified requirements, such as remedying defects or completing final inspections. This clause serves to incentivize the contractor to complete the project to the required standard and provides the client with financial security against incomplete or defective work.
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Retention Sum. The Building Contract can make provision for a Retention Sum to ensure the execution of the construction work necessary to make good the reservations recorded during Construction Handover. The Retention Sum is limited to 5% of the Contract Sum. This Sum should be considered as a retainer. Within the scope of his/her duty to advise, the Architect should recommend it to the Client. Nota: The Retention Sum can not be applied if the Contractor provides, for an equivalent sum, a joint and several guarantee from a financial institution.
Retention Sum. A retention sum of 2.5% of final contract sum, to be withheld by the Employer and to be released upon the Expiry of Maintenance Period or upon the Employer’s endorsement that all defects have been made good pursuance to Article 14 (d), whichever is later.
Retention Sum. The Retention Sum Escrow Agreement shall set out and incorporate the following terms and such other terms as mutually agreed between LCCE and the Purchaser:
(i) in the event LCDPL complies with the Qualifying Certificate Requirements (as defined under the SPA) on or before 13 February 2018, LCCE and the Purchaser shall sign and deliver to the Retention Sum Escrow Agent all authorisations and/or mandates which may be required under the Retention Sum Escrow Agreement in order to effect the release of the full Retention Sum to LCCE within five (5) business days from 13 February 2018; and
(ii) in the event LCDPL fails to comply with the Qualifying Certificate Requirements on or before 13 February 2018, LCCE and the Purchaser shall sign and deliver to the Retention Sum Escrow Agent all authorisations and/or mandates which may be required under the Retention Sum Escrow Agreement in order to effect the release of the Retention Sum to the Purchaser within five (5) business days from 13 February 2018.
Retention Sum. The Retention Sum will be dealt with as set out in schedule 6 (Retention provisions).
Retention Sum. On Completion, the Company shall pay the balance of the Purchase Price to the Vendors, with an amount of S$500,000 (being part of the Purchase Price) to the Vendors’ solicitors as stakeholders (the “Retention Sum”). The Retention Sum shall be held by the Vendors’ solicitors as stakeholders during the Retention Period, which is to be utilized towards payment of outstanding taxes or contributions owing by Fair Chem to any regulatory authority and any amount due to the Company based on the apportionment mechanism described in paragraph 5.4 below.
Retention Sum. If the Security is a retention sum, then the Council may deduct and retain an amount up to the Security amount from each payment by the Council to the Contractor under this Agreement as security for the due performance of the Contractor’s obligations under this Agreement.