Ten Percent Retention and Bonding Requirements Sample Clauses

Ten Percent Retention and Bonding Requirements. Notwithstanding anything to the contrary in this agreement, the Corporation shall retain an amount equal to ten percent (10%) of the total construction cost until final completion of the work, and each progress payment during construction shall retain the required ten percent of the cost of the work covered by that payment. The final payment to the Subcontractor shall be made only following the City’s written approval, which approval may be withheld pending recordation of a valid notice of completion, receipt of an architect’s certification of substantial completion, receipt of appropriate lien waivers or releases, and such additional reasonable requirements as the City may determine. If the contract amount is expected to cost an amount between $20,000 and $100,000, the City may require the Subcontractor to post a performance bond and a labor and material payment bond, in a form approved by the City, in amounts not less than 100% of the contract price for the work. For all contracts exceeding $100,000, the Subcontractor must provide a performance bond and a labor and material payment bond equal to 100% of the contract price for the work.
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Related to Ten Percent Retention and Bonding Requirements

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  • Trunking Requirements 7.2.2.9.1 The Parties will provide designed Interconnection facilities that meet the same technical criteria and service standards, such as probability of blocking in peak hours and transmission standards, in accordance with current industry standards.

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  • Employee Requirements The employee must have enrolled, elected to defer, and in fact deferred a qualifying amount during the calendar year, to qualify for the match.

  • SMALL BUSINESS PARTICIPATION AND DVBE PARTICIPATION REPORTING REQUIREMENTS a. If for this Contract Contractor made a commitment to achieve small business participation, then Contractor must within 60 days of receiving final payment under this Contract (or within such other time period as may be specified elsewhere in this Contract) report to the awarding department the actual percentage of small business participation that was achieved. (Govt. Code § 14841.)

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