Common use of Withholding of Progress Payments Clause in Contracts

Withholding of Progress Payments. Notwithstanding anything contained in the Contract to the contrary, the Fund may withhold payment of all or any part of a progress, final or guarantee payment, in such an amount as it may deem proper to enforce the provisions of the Contract and to satisfy the claims of third parties, when: a. The Fund shall learn of any claim, of whatsoever nature or kind, against the Fund or the Contractor, which in any way arises or is alleged to arise out of or as a result of or in connection with the performance by the Contractor of the work covered by the Contract or out of or in connection with the Contractor's operations or performance at or in the vicinity of the construction site, that, in the opinion of the Fund, may not be adequately covered by insurance. If an action on such claim is timely commenced and the liability of the Fund and/or the Contractor shall have been established therein by a final judgment of a court of competent jurisdiction, or if such claim shall have been admitted by the Contractor to be valid, the Fund shall pay such judgment or admitted claim out of the monies retained by it under the provisions of the Contract and return the balance, if any, without interest, to the Contractor. The Fund may withhold from the Contractor any payments retained by it until such time as all such claims are either satisfied or barred by law from being presented. At such time the Fund, upon written demand by the Contractor, shall return to the Contractor the amount so withheld, without interest. b. The Contractor has not complied with any lawful or proper direction of the Consultant or the Fund or their representatives concerning the work covered by the Contract or the performance of the Contract or the production of records as required under the provisions of the Contract. c. There exists any of the conditions, listed in Section 2.26, which would allow the Fund to declare the Contractor in default of the whole or any part of the work. d. The Contractor is a foreign contractor and has not furnished satisfactory proof that all taxes due by such Contractor under the provisions of the Tax Law have been paid. The Certificate of the New

Withholding of Progress Payments. Notwithstanding anything contained in the Contract to the contrary, the Fund may withhold payment of all or any part of a progress, final or guarantee payment, in such an amount as it may deem proper to enforce the provisions of the Contract and to satisfy the claims of third parties, when: a. The Fund shall learn of any claim, of whatsoever nature or kind, against the Fund or the Contractor, which in any way arises or is alleged to arise out of or as a result of or in connection with the performance by the Contractor of the work covered by the Contract or out of or in connection with the Contractor's operations or performance at or in the vicinity of the construction site, that, in the opinion of the Fund, may not be adequately covered by insurance. If an action on such claim is timely commenced and the liability of the Fund and/or the Contractor shall have been established therein by a final judgment of a court of competent jurisdiction, or if such claim shall have been admitted by the Contractor to be valid, the Fund shall pay such judgment or admitted claim out of the monies retained by it under the provisions of the Contract and return the balance, if any, without interest, to the Contractor. The Fund may withhold from the Contractor any payments retained by it until such time as all such claims are either satisfied or barred by law from being presented. At such time the Fund, upon written demand by the Contractor, shall return to the Contractor the amount so withheld, without interest. b. The Contractor has not complied with any lawful or proper direction of the Consultant or the Fund or their representatives concerning the work covered by the Contract or the performance of the Contract or the production of records as required under the provisions of the Contract. c. There exists any of the conditions, listed in Section 2.26, which would allow the Fund to declare the Contractor in default of the whole or any part of the work. d. The Contractor is a foreign contractor and has not furnished satisfactory proof that all taxes due by such Contractor under the provisions of the Tax Law have been paid. The Certificate of the NewNew York State Tax Commission to the effect that all such taxes have been paid shall be conclusive proof of the payment of such taxes. The term "foreign contractor" as used herein means, in the case of an individual, a person who is not a resident of the State of New York; in the case of a partnership, one having one or more partners not a resident of the State; and in the case of a corporation, one not organized under the laws of the State of New York.

Withholding of Progress Payments. Notwithstanding anything contained in the Contract to the contrary, the Fund may withhold payment of all or any part of a progress, final or guarantee payment, in such an amount as it may deem proper to enforce the provisions of the Contract and to satisfy the claims of third parties, when: a. The Fund shall learn of any claim, of whatsoever nature or kind, against the Fund or the Contractor, which in any way arises or is alleged to arise out of or as a result of or in connection with the performance by the Contractor of the work covered by the Contract or out of or in connection with the Contractor's operations or performance at or in the vicinity of the construction site, that, in the opinion of the Fund, may not be adequately covered by insurance. If an action on such claim is timely commenced and the liability of the Fund and/or the Contractor shall have been established therein by a final judgment of a court of competent jurisdiction, or if such claim shall have been admitted by the Contractor to be valid, the Fund shall pay such judgment or admitted claim out of the monies retained by it under the provisions of the Contract and return the balance, if any, without interest, to the Contractor. The Fund may withhold from the Contractor any payments retained by it until such time as all such claims are either satisfied or barred by law from being presented. At such time the Fund, upon written demand by the Contractor, shall return to the Contractor the amount so withheld, without interest. b. The Contractor has not complied with any lawful or proper direction of the Consultant or the Fund or their representatives concerning the work covered by the Contract or the performance of the Contract or the production of records as required under the provisions of the Contract. c. There exists any of the conditions, listed in Section 2.26, which would allow the Fund to declare the Contractor in default of the whole or any part of the work. d. The Contractor is a foreign contractor and has not furnished satisfactory proof that all taxes due by such Contractor under the provisions of the Tax Law have been paid. The Certificate of the NewNew York State Tax Commission to the effect that all

Withholding of Progress Payments. Notwithstanding anything contained in the Contract to the contrary, the Fund may withhold payment of all or any part of a progress, final or guarantee payment, in such an amount as it may deem proper to enforce the provisions of the Contract and to satisfy the claims of third parties, when: a. The Fund shall learn of any claim, of whatsoever nature or kind, against the Fund or the Contractor, which in any way arises or is alleged to arise out of or as a result of or in connection with the performance by the Contractor of the work covered by the Contract or out of or in connection with the Contractor's operations opera­tions or performance at or in the vicinity of the construction site, that, in the opinion of the Fund, may not be adequately covered by insurance. If an action on such claim is timely commenced and the liability of the Fund and/or the Contractor shall have been established therein by a final judgment of a court of competent jurisdiction, or if such claim shall have been admitted by the Contractor to be valid, the Fund shall pay such judgment or admitted claim out of the monies retained by it under the provisions of the Contract and return the balance, if any, without interest, to the Contractor. The Fund may withhold from the Contractor any payments retained by it until such time as all such claims are either satisfied or barred by law from being presented. At such time the Fund, upon written demand by the Contractor, shall return to the Contractor the amount so withheld, without interest. b. The Contractor has not complied with any lawful or proper direction of the Consultant or the Fund or their representatives concerning the work covered by the Contract or the performance of the Contract or the production of records as required under the provisions of the Contract. c. There exists any of the conditions, listed in Section 2.26, which would allow the Fund to declare the Contractor in default of the whole or any part of the work. d. The Contractor is a foreign contractor and has not furnished satisfactory proof that all taxes due by such Contractor under the provisions of the Tax Law have been paid. The Certificate of the NewNew York State Tax Commission to the effect that all such taxes have been paid shall be conclusive proof of the payment of such taxes. The term "foreign contractor" as used herein means, in the case of an individual, a person who is not a resident of the State of New York; in the case of a partnership, one having one or more partners not a resident of the State; and in the case of a corporation, one not organized under the laws of the State of New York.

Withholding of Progress Payments. Notwithstanding anything contained in the Contract to the contrary, the Fund University may withhold payment of all or any part of a progress, final or guarantee payment, in such an amount as it may deem proper to enforce the provisions of the Contract and to satisfy the claims of third parties, when: a. The Fund University shall learn of any claim, of whatsoever whatever nature or kind, against the Fund University or the Contractor, which in any way arises or is alleged to arise out of or as a result of or in connection with the performance by the Contractor of the work covered by the Contract or out of or in connection with the Contractor's operations or performance at or in the vicinity of the construction site, that, in the opinion of the FundUniversity, may not be adequately covered by insurance. If an action on such claim is timely commenced and the liability of the Fund University and/or the Contractor shall have been established therein by a final judgment of a court of competent jurisdiction, or if such claim shall have been admitted by the Contractor to be valid, the Fund University shall pay such judgment or admitted claim out of the monies retained by it under the provisions of the Contract and return the balance, if any, without interest, to the Contractor. The Fund University may withhold from the Contractor any payments retained by it until such time as all such claims are either satisfied or barred by law from being presented. At such time the FundUniversity, upon written demand by the Contractor, shall return to the Contractor the amount so withheld, without interest. b. The Contractor has not complied with any lawful or proper direction of the Consultant or the Fund University or their representatives concerning the work covered by the Contract or the performance of the Contract or the production of records as required under the provisions of the Contract. c. There exists any of the conditions, listed in Section 2.26, which would allow the Fund University to declare the Contractor in default of the whole or any part of the work. d. The Contractor is a foreign contractor and has not furnished satisfactory proof that all taxes due by such Contractor under the provisions of the Tax Law have been paid. The Certificate of the NewNew York State Tax Commission to the effect that all such taxes have been paid shall be conclusive proof of the payment of such taxes. The term "foreign contractor" as used herein means, in the case of an individual, a person who is not a resident of the State of New York; in the case of a partnership, one having one or more partners not a resident of the State; and in the case of a corporation, one not organized under the laws of the State of New York.