Retention Monies definition

Retention Monies means any monies retained by the Principal from Progress Payments in accordance with clauses 29.3.1 and 30;
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Retention Monies means the sum of the amount retained in accordance with sub-clause 41.9;
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Retention Monies means an amount that the Customer may withhold from the total payment due to Vendor Z upon achievement of each Milestone, until completion of the Warranty Period for that Milestone.
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Examples of Retention Monies in a sentence

  • The Contractor may at any time lodge with the Principal an unconditional Bank Guarantee or an undertaking (“the Security”) from an approved financial institution or insurance company for an amount equivalent to the limit of Retention Monies specified in clause 29.3.1, whereupon no deductions for Retention Monies will be made from Progress Payments.

  • The Retention Monies are to be retained by the Principal for the purpose of ensuring the due and proper performance by the Contractor of all of its obligations under the Contract.

  • Subject to the Contract, the balance of the Retention Monies held by the Principal shall be released to the Contractor within twenty-eight (28) days of the Final Certificate.

  • Subject to sub-clause 42.3(d), the Retention Monies referred to in Clause 42.2 shall be calculated by applying the Retention Percentage to the amounts to which the Superintending Officer has certified in respect of items listed in Clause 42.1.

  • During the defects liability period the university will pay the Contractor fifty percent (50%) of the Retention Monies.

  • During the negotiations the parties discussed at great length the issues surrounding the position of a Women’s Advocate in the workplace.

  • Any reduction in the Retention Monies under clauses 30.2 or 30.3 shall not operate so as to waive, prejudice, release or discharge any of the conditions of the Contract or any of the obligations imposed on the Contractor by the Contract.

  • Subject to the provisions of the Contract (including but not limited to clause 31.3., when a Certificate of Practical Completion is issued (or if there is more than one portion of work, then on issue of the last Certificate of Practical Completion) one half of the Retention Monies held by the Principal as at that date will be released to the Contractor.

  • Interest will not be payable by the Principal on any Retention Monies or Security or on the cash proceeds of any Security converted into money pursuant to clause 31.2..

  • Interest will not be payable by the Principal on any Retention Monies or Security or on the cash proceeds of any Security converted into money pursuant to clause 31.2.


More Definitions of Retention Monies

Retention Monies are monies still payable to the Supplier by the Customer as part of the Price but withheld until certain conditions stated in the contract are met. The retentions will be stated on a contract to contract basis and normally set at a percentage of the Price agreed between the Supplier and the Customer. This can include, but is not limited to cash retentions, a bank guarantee for percentage of successful commissioning and / or percentage of warranty periods noted in the contract.
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Retention Monies means the sum of the amount retained in accordance with
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