Retainages definition

Retainages means the portion of progress payments due to a Company for contracting projects that is withheld by a customer of such Company until completion of a project, pursuant to the terms of a contract with such customer, as security for the completion of the project.
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Retainages. As defined in Section 7.2 hereof.
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Examples of Retainages in a sentence

  • The definition of "Eligible Accounts Receivable" is hereby amended by inserting at the end thereof the following: The value of each Eligible Accounts Receivable shall be, at the date of determination thereof, the aggregate face amount of such Eligible Accounts Receivable less taxes, discounts, credits, allowances and Retainages, except to the extent otherwise permitted by the Bank in writing.

  • As soon as practicable after the Adjustment Date and subject to Section (IV)(B) ▇▇▇▇▇, ▇▇e Stockholders will transfer to the Escrow Agent the number of shares of RW Common Stock equal to (A) the value of any Company Accounts Receivable that remain unpaid as of the Adjustment Date divided by the IPO Price, in each case in the same proportion as the amount of Pool Stock allocated to such Stockholder and (B) the value of the Uncollectible Retainages divided by the IPO Price.

  • CONSTRUCTION PAYOUT REQUIREMENTS WITH RESPECT TO DISBURSEMENTS 64 Section 12.1 Applicability of Sections 64 Section 12.2 Monthly Payouts 64 Section 12.3 Documents to be Furnished for Each Disbursement 65 Section 12.4 Retainages 67 Section 12.5 Distinction Between Various Retainages 68 Section 12.6 Payments Directly to Contractors and Subcontractors 68 Section 12.7 Methods of Disbursement 68 Section 12.8 Administrative Agent’s Right to Employ Construction Consultant.

  • In the event that any Founding Company disagrees with the determination of the Uncollectible Retainages of any Founding Company, the disagreeing party shall transmit to RW within 15 days of receipt of the Retainages Notice a written notice (the "Retainages Response") describing in reasonable detail the Retainages of such Founding Company that it believes to be uncollectible and the basis of such party's belief.

  • Within 10 days after the Adjustment Date, RW shall notify the Founding Companies (the "Retainages Notice") of the amount of any Retainages that RW reasonably expects to be uncollectible due to a dispute which arose in connection with a breach of the relevant customer contract prior to the IPO Closing Date (the "Uncollectible Retainages").

  • Notwithstanding anything to the contrary contained herein, the Sellers shall not be liable to the Purchasers or the Company under this Article V or otherwise for the failure of all or any part of the Retainages to be paid over to the Company.

  • Retainages will be in accordance with the Construction Contract as approved by Bank in its reasonable discretion.

  • A list of such receivables and of the Company's Retainages, will be provided to RW at least 10 days prior to the IPO Closing Date and will be updated as of the IPO Closing Date.

  • Retainages required for subcontracts will be released upon certification to the Lender by the project architect that the work described in such subcontract has been completed.

  • If a Founding Company has timely sent a Retainages Response, Arth▇▇ ▇▇▇e▇▇▇▇ ▇▇, if not Arth▇▇ ▇▇▇e▇▇▇▇, ▇▇'s accountant shall determine the amount of the Uncollectible Retainages, which determination shall be binding on RW and the Founding Companies.