Contract retainage definition

Contract retainage means an amount reserved by a public body from the moneys earned by a person under a public improvement contract.
Sample 1Sample 2Sample 3
Contract retainage means all retainage as of the Closing Date under the construction Contracts of the Companies.
Sample 1

Examples of Contract retainage in a sentence

  • No Contract retainage will be released prior to receipt of all approved As-Built Drawings.

  • All Contract retainage shall be released and paid to the Contractor and subcontractors pursuant to California Public Contract Code Section 7107.

  • In order to ensure the awarded Contractor’s complete and satisfactory performance of its duties under this Contract, the City shall withhold an amount of up to ten percent (10%) of each payment request submitted by the Contractor (i.e. the Contract retainage).

  • The Owner has the option to keep the Contract retainage of ten percent (10%) for a period of one (1) year from project completion in lieu of a maintenance bond.

  • Payment will be limited to 75% of the invoiced value of the materials less Contract retainage.

  • Upon Substantial Completion of the Contract, retainage may be reduced to five percent (5%) of the Contract amount or to an amount deemed sufficient by the Owner to protect his rights and interest for any remaining work to be completed or unresolved issues or disputes.

  • Contract retainage of 5%, payment of Development Fee on pro rata basis as construction proceeds (Developer’s return is really based on successful completion/construction – need to confirm), and the surety bonds.

  • Payment for the stored equipment and material which are on the site shall not exceed the invoiced amount for each item, less the Contract retainage.

  • Cash not pooled will be restricted to: o Contract retainage and lien deposits;o Deferred compensation deposits and investments;o Cash designated for Certificates of Participation, Full Faith and Credit, General Obligation, and Revenue Bond reserves;o Cash designated for construction payments;o Petty cash and other imprest funds.

  • The City or its duly authorized administrative agent, shall approve final payment for all work, materials or services furnished under this Contract retainage may be reduced upon issuance of the Certificate of Substantial Completion by the City if, in the sole opinion of the City, sufficient progress on the schedule has been accomplished, all required affidavits have been provided, and the City has retained adequate coverage for the project through the achievement of Final Completion.

Related to Contract retainage

  • Retainage means that portion of the purchase price of an Export Order that a Buyer is not obligated to pay until the end of a specified period of time following the satisfactory performance under such Export Order.

  • Individual subcontracting plan means a subcontracting plan that covers the entire contract period (including option periods), applies to a specific contract, and has goals that are based on the offeror’s planned subcontracting in support of the specific contract, except that indirect costs incurred for common or joint purposes may be allocated on a prorated basis to the contract.

  • Annual Service Charge for any period means the aggregate interest expense for such period in respect of, and the amortization during such period of any original issue discount of, Indebtedness of the Issuer and its Subsidiaries.

  • EPC Contract means the Seller’s engineering, procurement and construction contract with the EPC Contractor.

  • Construction Contract or “contract” means a written agreement between a contractor and a public agency for the construction, alteration, demolition, or repair of a facility, other than a contract having a dollar value of less than $30,000.00 or a contract that provides for 3 or fewer payments.

  • Monthly Invoice means an invoice issued in accordance with section 21 by MDL or the Incentives Pool Trustee to a Shipper or Welded Party for all Charges payable in respect of the previous Month by that Shipper or Welded Party, together with any outstanding amounts in respect of any Month prior to the previous Month.