Retention Money definition

Retention Money means the accumulated retention moneys which the Procuring Entity retains under Sub-Clause

Retention Money means the accumulated retention moneys which the Procuring Entity retains under Sub- Clause 14.3 [Application for Interim Payment Certificates] and pays under Sub-Clause 14.9 [Payment of Retention Money].

Retention Money means the aggregate of amount retained by the Employer as Security Deposit.

Examples of Retention Money in a sentence

• The Customer shall hold the Retention Money for the agreed period following completion of the Works during which time all Works are to be completed and/or all defects are to be remedied.

• Money10 (i) From every payment for Works due to the Contractor in accordance with the provisions of Clause 19.5, the Authority shall deduct 6% (six per cent) thereof as guarantee money for performance of the obligations of the Contractor during the Construction Period (the “Retention Money”) subject to the condition that the maximum amount of Retention Money shall not exceed 5% (five per cent) of the Contract Price.

• Any Retention Money applicable to this Contract is to be dealt with in accordance with Subpart 2A - sections 18(a) to 18(i) of the Construction Contracts Amendment Act 2015.

More Definitions of Retention Money

Retention Money means the money retained from R.A.Bills for the due completion of the "LET WORS".

Retention Money means the aggregate of all monies retained by the Employer.

Retention Money means the aggregate of all monies retained by the Employer pursuant to Sub-Clause 60.2(a).

Retention Money shall have the meaning set forth in Clause 7.5;

Retention Money means the aggregate of all monies retained by the Employer pursuant to Clause – 38 of Section II.

Retention Money means the security to be deducted from the payable amounts of the Contractor in accordance with the terms and conditions of the Contract.

Retention Money means the aggregate of all monies retained by the Employer pursuant to GCC 45.1.