Punch List Holdback Amount definition

Punch List Holdback Amount shall be two times the aggregate of the value of the Punch List items agreed to by the Parties, or determined by the Independent Engineer, if the Parties cannot agree. The Punch List Holdback Amount shall be withheld from payments due upon Mechanical Completion, and the agreed value of each Punch List item shall be paid to Contractor upon completion of the Punch List item and any remaining Punch List Holdback Amount shall be paid to Contractor upon completion of all Punch List items.
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Punch List Holdback Amount shall have the meaning assigned to it in Section 10.4.
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Punch List Holdback Amount has the meaning given to such term in the EPC Agreement. “Punch List Item(s)” means the items listed on the Punch List.
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Examples of Punch List Holdback Amount in a sentence

  • In addition to any amounts withheld pursuant to Section 7.3, OWNER shall be entitled to withhold the Punch List Holdback Amount.

  • Upon the completion of a Punch List item to the reasonable satisfaction of OWNER, OWNER shall pay CONTRACTOR the portion of the Punch List Holdback Amount applicable to such Punch List item.

  • Within thirty (30) days after receipt of such statement OWNER shall pay CONTRACTOR the outstanding balance of the Punch List Holdback Amount and any other withheld funds then due CONTRACTOR.

  • Upon attainment of Substantial Completion, the accumulated Retainage, after reduction for exercise of OWNER’s setoff and withholding rights in accordance with the provisions of this Agreement (including the Punch List Holdback Amount), shall be released to CONTRACTOR in conjunction with the next payment made to CONTRACTOR in accordance with Section 7.1.

  • The Punch List Holdback Amount shall be withheld from payments due upon Mechanical Completion, and the agreed value of each Punch List item shall be paid to Contractor upon completion of the Punch List item and any remaining Punch List Holdback Amount shall be paid to Contractor upon completion of all Punch List items.


More Definitions of Punch List Holdback Amount

Punch List Holdback Amount has the meaning set forth in Section .
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Punch List Holdback Amount means an amount equal to [***] of the value, as agreed between OWNER and CONTRACTOR, of each item on the Punch List.
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Punch List Holdback Amount means an amount equal to one hundred fifty percent (150%) of the value, as agreed between OWNER and CONTRACTOR, of each item on the Punch List.
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Punch List Holdback Amount. “ shall have the meaning assigned to it in Section 10.4. “QA/QC Director “ shall have the meaning assigned to it in Section 4.2.5. “QA/QC Contract “ shall have the meaning assigned to it in Section 4.2.5.
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Punch List Holdback Amount means such amount sufficient to pay the costs of completing the Punch List Items, as agreed by the Parties, or, if the Parties are unable to agree upon such amount as determined by the Independent Engineer.
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Punch List Holdback Amount means the Final Completion Milestone payment shown on the Milestone Payment Schedule, which amount will not be paid until Final Completion including completion of all Punch List items and delivery of all Record Drawings.
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Punch List Holdback Amount shall be in the amount of the aggregate of the value of the Punch List items agreed to by the Parties, or determined by the Owners’ PCO, if the Parties cannot agree. The Punch List Holdback Amount shall be withheld from payments due upon Substantial Completion, and the agreed value of each Punch List item shall be paid to Contractor upon completion of the Punch List item. Contractor will notify Owner of the respective Facility when it considers that all items on the Punch List have been completed. If the Owner of such Facility disputes that all items on the Punch List have been completed, it shall provide written notice to that effect to Contractor within ten (10) Business Days of receipt of such notice from Contractor, specifying the basis for disputing that items on the Punch List have been completed and the Parties in dispute shall thereafter utilize the dispute resolution procedures in Article 12 to resolve the dispute. Once the Punch List is determined complete, any remaining Punch List Holdback Amount shall be paid to Contractor as part of the Final Payment.
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