Withholding of Retainage; Conversion to Lump Sum. Retainage shall be withheld from each periodic payment to the Contractor in the amount of ten percent of the sum of the total amount earned for work–in-place (original Contract), total amount earned for work-in-place (Change Orders), and Value of Materials stored at the Site. After one-half of the Contract Sum, including Change Orders, becomes due and the Work meets all of the following conditions:
Withholding of Retainage; Conversion to Lump Sum. Retainage shall be withheld from each Application for Payment to the Design-Builder in the amount of ten percent of the sum of the total cost for original Contract Work, Change Order Work, materials stored on the Site and Design-Builder Fee earned. After one-half of the Contract Sum, including Change Orders, becomes due and the Work meets all of the following conditions:
Withholding of Retainage; Conversion to Lump Sum. Retainage shall be withheld from each Application for Payment to the CM/GC in the amount of ten percent of the sum of the total cost for original Contract Work, Change Order Work, materials stored on the Site and CM/GC Fee earned. After one-half of the Contract Sum, including Change Orders, becomes due and the Work meets all of the following conditions:
Withholding of Retainage; Conversion to Lump Sum. Retainage shall be withheld from each Application for Payment to the CM/GC in the amount of ten percent of the sum of the total cost for original Contract Work, Change Order Work, materials stored on the Site and CM/GC Fee earned. After one-half of the Contract Sum, including Change Orders, becomes due and the Work meets all of the following conditions: On or ahead of the Overall Project Schedule; and There are no breaches of Notices of Non-Compliant Work; and There is no delinquency in the completion of work and filing of the final breakdown and accounting pursuant to any Change Orders utilizing a Force Account; then, if the CM/GC requests and the Design Professional approves in writing, the sum being withheld as retainage will be converted to a lump sum and held by the Owner until Material Completion.
Withholding of Retainage; Conversion to Lump Sum. Retainage shall be withheld from each periodic payment to the Contractor in the amount of ten percent of the sum of the total amount earned for work–in-place (original Contract), total amount earned for work-in-place (Change Orders), and Value of Materials stored at the Site. After one-half of the Contract Sum, including Change Orders, becomes due and the Work meets all of the following conditions: On or ahead of the Overall Project Schedule; and There are no breaches of Notices of Non-Compliant Work; and There is no delinquency in the completion of work and filing of the final breakdown and accounting pursuant to any Change Orders utilizing a Force Account; then, if the Contractor requests and the Design Professional approves in writing, the sum being withheld as retainage will be converted to a lump sum and held by the Owner until Material Completion.
