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Common use of Withholding of Retainage; Conversion to Lump Sum Clause in Contracts

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:

Appears in 36 contracts

Samples: Construction Contract, Construction Contract, Construction Contract

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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-in- place (Change Orders), and Value of Materials stored at the Site. After one-half of the Contract Sum, including Change Orders, Orders becomes due and the Work meets all of the following conditions:

Appears in 1 contract

Samples: Design Bid Build Construction Contract

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