Retention Amounts definition
Examples of Retention Amounts in a sentence
The Beneficiary authorizes the Client and assigns to the Client all rights (including, but not limited to, claiming performance in arbitration proceedings or otherwise, claiming damages, statutory interest and contractual penalties, enforcement of the Contract Performance Security, withholding of the Retention Amounts, enforcement of the warranty obligations etc.) that may arise from this Agreement.
The Implementing Body authorizes the Client and assigns to the Client all rights (including, but not limited to, claiming performance in arbitration proceedings or otherwise, claiming damages, statutory interest and contractual penalties, enforcement of the Contract Performance Security, withholding of the Retention Amounts, enforcement of the warranty obligations etc.) that may arise from this Agreement.
As of the effective date of this Agreement, for the purposes of covering the Indemnitees' services under this Agreement, the Company maintains certain management liability insurance policies (the "Existing Policies"), subject to various retention amounts (collectively, the "Retention Amounts") depending on the nature of the claims brought under the Existing Policies.
The Retention Amounts will be retained by the Company and will serve as collateral for securing the full performance of the Project Designer's obligations under this Agreement.
Subject to the second proviso in the preceding sentence, the Retention Amounts shall be exempt from Section 409A of the Code and shall be administered so as to retain such exemption.