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 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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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.

  • 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.

  • If the Defects are not remedied to HKPC’s satisfaction, HKPC may employ another contractor or third party to remedy the Defects and HKPC may deduct such expenditure from any Retention Monies.

  • 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 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.

  • Refer to Attachment D, Inmate Retention Monies, for information on commonly approved Retention Account disbursements.

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

  • 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.

  • The Principal may deduct from any Progress Payment: a sum equal to ten percent (10%) of the Progress Payment, as Retention Monies in accordance with clause 30., until the Principal holds retention monies equal to such amount as specified in item 16 of Appendix A; any amounts owing by the Contractor to the Principal under this Contract as at the date of the Progress Payment; any amount paid by the Principal to a worker, subcontractor or supplier under clause 42..

  • The Limit of Retention under Clause 42.3 shall be reduced by the amount of Retention Monies so released under this Clause 23.


More Definitions of Retention Monies

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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Retention Monies means the sum of the amount retained in accordance with
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Related to Retention Monies

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

  • Retention Date shall have the meaning set forth in Section 9.01 of this Agreement.

  • Retention Account means an interest bearing Dollar account of the Borrowers opened or (as the context may require) to be opened jointly by the Borrowers with the Account Bank and includes any sub-accounts thereof and any other account designated in writing by the Agent to be a Retention Account for the purposes of this Agreement;

  • Retention Bonus means an incentive bonus provided under

  • Escrow Cash is defined in Section 4.1(a).

  • Earnings Accounts means the bank accounts of each of the Obligors from time to time each of which shall be held with the Agent or any of the Agent’s corresponding banks and to which all the Earnings and any proceeds of the Insurances shall be paid.

  • Retention Period means the time period that the Customer Data is stored within the cloud storage, as specified in the product addenda.

  • Escrow Property means the Escrow Funds and the Certificates delivered to the Escrow Agent as contemplated by Section 1(c) hereof.

  • Retention Amount means, in relation to any Retention Date, such sum as shall be the aggregate of:

  • Client Accounts means accounts of Clients (i) that are Controlled by an Access Person and (ii) in which no Access Person has a substantial proportionate economic interest; provided that, the Client pays a management, advisory or any other similar arms-length fee to the Access Person and the beneficiary of the Client Account is not an Immediate Family member of an Access Person.

  • Requisition Compensation includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of “Total Loss”;

  • Earnings Account means, in relation to a Ship, an account in the name of the Borrower owning that Ship with the Account Bank designated as the Earnings Account for that Ship, or any other account (with the Account Bank or the Agent or with another bank or financial institution acceptable to the Majority Lenders) for the purpose of receiving all charter hire and other amounts paid under the relevant Time Charter;

  • Indemnity Escrow Account means the escrow account established by the Escrow Agent pursuant to the terms of the Escrow Agreement for purposes of holding the Indemnity Escrow Amount.

  • Escrowed Funds Has the meaning, with respect to any Trust, specified in Section 2.02(b).

  • Client Account means the unique personalized account of the Client consisting of all Completed Transactions, Open Positions and Orders on the Platform, the Balance of the Client money and deposit/withdrawal transactions of the Client money. It is understood that the Company may use the term Trading Account or Account on its Website or communications, which shall mean your Client Account.

  • Retention means a system designed to prevent the discharge of a given volume of stormwater runoff into surface waters in the state by complete on-site storage. Examples are systems such as excavated or natural depression storage areas, pervious pavement with subgrade, or above ground storage areas.

  • Severance Benefits means the payment of severance compensation as provided in Section 3.3 herein.

  • Escrow Fund means the escrow fund established pursuant to the Escrow Agreement.

  • Escrow Amount has the meaning set forth in Section 2.1(c).

  • Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).

  • Escrow Deposit has the meaning set forth in Section 2.1.

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Primary Insurance Policy Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

  • Escrow means any transaction in which any escrow property is delivered with or without transfer of legal or equitable title, or both, and irrespective of whether a debtor-creditor relationship is created, to a person not otherwise having any right, title or interest therein in connection with the sale, transfer, encumbrance or lease of real or personal property, to be delivered or redelivered by that person upon the contingent happening or non-happening of a specified event or performance or nonperformance of a prescribed act, when it is then to be delivered by such person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee or bailor, or any designated agent or employee of any of them. Escrow includes subdivision trusts and account servicing.

  • Escrow Funds means the Advance funds deposited with the Escrow Agent pursuant to this Agreement.

  • Escrow Accounts means (1) accounts of Parent or any Subsidiary, solely to the extent any such accounts hold funds set aside by Parent or any Subsidiary to manage the collection and payment of amounts collected, withheld or incurred by Parent or such Subsidiary for the benefit of third parties relating to: (a) federal income tax withholding and backup withholding tax, employment taxes, transportation excise taxes and security related charges, (b) any and all state and local income tax withholding, employment taxes and related charges and fees and similar taxes, charges and fees, including, but not limited to, state and local payroll withholding taxes, unemployment and supplemental unemployment taxes, disability taxes, xxxxxxx’x or workers’ compensation charges and related charges and fees, (c) state and local taxes imposed on overall gross receipts, sales and use taxes, fuel excise taxes and hotel occupancy taxes, (d) passenger facility fees and charges collected on behalf of and owed to various administrators, institutions, authorities, agencies and entities, (e) other similar federal, state or local taxes, charges and fees (including without limitation any amount required to be withheld or collected under applicable law) and (f) other funds held in trust for, or otherwise pledged to or segregated for the benefit of, an identified beneficiary; or (2) accounts, capitalized interest accounts, debt service reserve accounts, escrow accounts and other similar accounts of Parent or any Subsidiary or funds established in connection with the ARB Indebtedness.