Deficiency Holdback definition

Deficiency Holdback has the meaning set out in Schedule 8 [Payments];
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Deficiency Holdback means the Engineer’s estimate of the cost of completing deficiencies in, or correcting defects in, The Work.
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Deficiency Holdback means the Owner’s Representative estimate of the cost of completing deficiencies in, or correcting defects in the Work.
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Examples of Deficiency Holdback in a sentence

  • SC32 GC 5.10 DEFICIENCY HOLDBACK SC32.1 Add a new General Condition 5.10 – DEFICIENCY HOLDBACK as follows: “GC 5.10 DEFICIENCY HOLDBACK5.10.1 Notwithstanding any provisions contained in the Contract Documents concerning certification and release of monies to the Contractor, the Owner reserves the right to establish a Deficiency Holdback, at the time of the review for Substantial Performance of the Work.

  • No part of the Deficiency Holdback shall become payable until all of the defective work is corrected and all of the work is complete.

  • Upon rectification and completion of the deficiencies in accordance with the Contract Documents and as approved by the Municipality and/or Contract Administrator, the Deficiency Holdback (less any monies owed to the Municipality by the Contractor) will be released to the Contractor.

  • If the defective or incomplete work is not corrected or completed within a reasonable time as determined by the Owner, then all or a portion of the Deficiency Holdback as determined by the Owner may be retained by the Owner to be applied against the loss and damage suffered by the Owner to correct or complete the work.

  • All monies payable to the Municipality by the Contractor, including but not limited to the costs and expenses incurred to rectify the deficiencies that the Contractor fails to rectify and complete to the Municipality’s satisfaction may be retained out of the Deficiency Holdback.

  • The Owner shall establish the amount of the Deficiency Holdback as twice the estimated cost to rectify defective work and finish incomplete work using the services of another contractor or the Owner’s own forces.

  • Deficiency Holdback: means the Engineer's estimate of the cost of completing deficiencies in or correcting defects in The Work.

  • All monies payable to the Township by the Contractor, including but not limited to the costs and expenses incurred to rectify the deficiencies that the Contractor fails to rectify and complete to the Township’s satisfaction may be retained out of the Deficiency Holdback.

  • The Engineer shall, in his absolute discretion, determine the Deficiency Holdback and certify a list of defects and/or deficiencies in the Work which cannot be completed expeditiously on account of climatic or other reasons beyond the control of the Contractor or Subcontractor and which do not impair the usefulness of the Work for the purposes intended.

  • SC32 GC 5.10 DEFICIENCY HOLDBACK SC32.1 Add a new General Condition 5.10 – DEFICIENCY HOLDBACK as follows: “GC 5.10 DEFICIENCY HOLDBACK5.10.1 Notwithstanding any provisions contained in the Contract Documents concerning certification and release of monies to the Contractor, the Owner reserves the right to establish a Deficiency Holdback, in addition to a Reserve Fund, at the time of the review for Substantial Performance of the Work.

Related to Deficiency Holdback

  • Deficiency Claim Amount has the meaning set forth in Section 5.5(a).

  • Deficiency Amount shall have the meaning set forth for such term in Section 4.03(a) hereof. “Department” shall mean the South Carolina Department of Revenue.

  • Escrow Amount has the meaning set forth in Section 2.1(c).

  • Indemnity Escrow Amount means $3,000,000.

  • Deficiency Balance means, with respect to any Receivable, any deficiency balance, charged-off amount, Principal Balance, accrued interest and/or fees and any Related Security; provided, that such amounts and Related Security relate to a Receivable which is a Defaulted Receivable.

  • Professional Fee Escrow Amount means the aggregate amount of Professional Fee Claims and other unpaid fees and expenses Professionals estimate they have incurred or will incur in rendering services to the Debtors prior to and as of the Confirmation Date, which estimates Professionals shall deliver to the Debtors as set forth in Article II.C hereof.

  • Adjustment Escrow Amount means $1,000,000.

  • Deficiency Claim Date means, with respect to any Distribution Date, the fourth Business Day immediately preceding such Distribution Date.

  • Adjustment Escrow Fund means the Adjustment Escrow Amount deposited with the Escrow Agent, as such amount may be increased or decreased as provided in this Agreement and the Escrow Agreement, including any interest or other amounts earned thereon.

  • Holdback Amount has the meaning set forth in Section 2.1(c).

  • Indemnity Escrow Fund means the Indemnity Escrow Amount deposited with the Escrow Agent, as such sum may be increased or decreased as provided in this Agreement and the Escrow Agreement, including any remaining interest or other amounts earned thereon.

  • Adjustment Escrow Funds means, at any time, the portion of the Adjustment Escrow Amount then remaining in the Adjustment Escrow Account.

  • Indemnity Escrow Account means the escrow account established by the Escrow Agent pursuant to the terms of the Escrow Agreement for purposes of holding the Indemnity Escrow Amount.

  • Adjustment Escrow Account means the escrow account established by the Escrow Agent pursuant to the Escrow Agreement for purposes of holding the Adjustment Escrow Amount and any interest or earnings accrued thereon or in respect thereof.

  • Class B Deficiency Amount is defined in Section 4.1(b).

  • Working Capital Escrow Amount means $2,000,000.

  • Deficiency Claim means any portion of a Claim (a) to the extent the value of the holder’s interest in Assets securing such Claim is less than the amount of such Claim or (b) to the extent the amount of a Claim is subject to setoff is less than the amount of the Claim, each as determined by § 506(a) of the Bankruptcy Code.

  • Escrow Fund means the escrow fund established pursuant to the Escrow Agreement.

  • Holdback has the meaning set forth in Section 4.1(d)(i).

  • Class A Deficiency Amount is defined in Section 4.1(a).

  • Principal Deficiency Amount For any Distribution Date and for any Undercollateralized Group, the excess, if any, of the aggregate Class Certificate Principal Balance of such Undercollateralized Group immediately prior to such Distribution Date over the sum of the Principal Balances of the Mortgage Loans in the related Loan Group immediately prior to such Distribution Date.

  • Purchase Price Adjustment Escrow Amount means $500,000.

  • Class C Deficiency Amount is defined in Section 4.1(c).

  • Allocated Realized Loss Amount With respect to any Distribution Date and any Class of Mezzanine Certificates, the sum of (i) any Realized Losses allocated to such Class of Certificates on such Distribution Date and (ii) the amount of any Allocated Realized Loss Amount for such Class of Certificates remaining unpaid from the previous Distribution Date.

  • Claim Amount means the amount calculated in accordance with Section 6.2 of this Policy.

  • REMIC I Interest Loss Allocation Amount With respect to any Distribution Date, an amount equal to (a) the product of (i) the aggregate Stated Principal Balance of the Mortgage Loans and REO Properties then outstanding and (ii) the REMIC I Remittance Rate for REMIC I Regular Interest I-LTAA minus the Marker Rate, divided by (b) 12.