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.
Appears in 6 contracts
Samples: Construction Management Agreement, Construction Management Agreement, Construction Management Agreement
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: :
(a) On or ahead of the Overall Project Schedule; and and
(b) There are no breaches of Notices of Non-Compliant Work; and and
(c) 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.
Appears in 3 contracts
Samples: Construction Management Agreement, Construction Management Agreement, Construction Management Agreement
