RetentionMoney10. (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 ContractPrice.
Appears in 5 contracts
Samples: Drafit Concession Agreement, Draft Contract Agreement, Draft Contract Agreement
RetentionMoney10. (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 e-Bank 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 ContractPrice.
Appears in 1 contract
Samples: Draft Contract Agreement
