Retention Moneys definition
Examples of Retention Moneys in a sentence
The Subcontractor must provide security to the Contractor: in the case of Approved Security: in the form of Approved Security; in the amount specified in the Subcontract Particulars for the Subcontract Works or the Stage; and within 14 days of the Award Date; or in the case of Retention Moneys, in accordance with clause 11.5(a).
If, for any reason, the reserve has a value of less than the said 5 (five) percent at any time prior to the date of issue of the Substantial Completion Certificate for the Works or the Substantial Completion Certificate for the first Section to be completed (but not thereafter), further Retention Moneys up to 10 (ten) percent of the amounts due to the Contractor from time to time will be retained until the reserve is restored to 5 (five) percent of the Tender Total.
The Contractor must provide Security as set out in the Contract Particulars to the Principal: in the case of Approved Security, within 14 days of the Award Date: or in the case of Retention Moneys, in accordance with clause 11.5(a).
Means either: Approved Security; or Retention Moneys, as specified in the Contract Particulars.
The Subcontractor must provide security to the Contractor: in the case of Approved Security: in the form of Approved Security; in the amounts specified in the Subcontract Particulars for the Subcontract Works or a Stage; and within 14 days of the Award Date; or in the case of Retention Moneys, in accordance with clause 12.5(a).
If Security is by way of Retention Moneys, then the Contractor may deduct the percentage stated in the Subcontract Particulars of every payment until it has accrued the percentage of the Subcontract Price stated in the Subcontract Particulars.
Provided that the aggregate of all sums - 91/105 - certified pursuant to this Clause 68.3(a) shall not exceed one half of the whole of the Retention Moneys.
Such amount of ECI premium and ECIL, as evidenced by the aforesaid payment receipts, will be reimbursed to the Contractor by the Employer which, notwithstanding any other provision of the Contract, shall be made without the deduction of Retention Moneys, by the instruction by the Engineer of the expenditure of the applicable Provisional Sum contained in the Pricing Document, pursuant to Clause 65.1(a) of the General Conditions.
Provided that the aggregate of all sums certified pursuant to this Clause 68.3(a) shall not exceed one half of the whole of the Retention Moneys.