Retention Sum definition

Retention Sum means an amount equal to 40% of the Renewal Amount from time to time.

Retention Sum means an amount equal to R20 000 (twenty thousand Rand), which amount forms part of the Contract Sum;

Retention Sum means an amount equal to R20 000.00 (Twenty Thousand Rand), which amount forms part of the Contract Sum;

Examples of Retention Sum in a sentence

• ND had initiated an injunction action against ID via an Originating Summons dated 8 August 2007 to refrain ID from presenting a winding up petition against ND in relation to two (2) Notices under Section 218, Companies Act 1965 both dated 20 July 2007 over the alleged debts of RM1,358,371.22 and RM242,964.05 based on the interim certificates of payment together with 2.5% Retention Sum of which ID claimed that the final certificates for payment have yet to be issued by the consultants.

• The Vendor’s solicitors are authorised to release the Earnest Deposit, Balance Deposit 1 and Balance Deposit 2 (less the RPGT Retention Sum) to the Vendor within 7 days from the date the Vendor’s receipt of the consent to transfer.

• In the event the RPGT Retention Sum is insufficient to pay for the RPGT assessed and payable, the Vendor shall immediately pay the difference between the tax payable and the RGPT Retention Sum to the DGIR.

• The Building Contract can make provision for a Retention Sum to ensure the execution of the construction work necessary to make good the reservations recorded during Construction Handover.

• Nota: The Retention Sum can not be applied if the Contractor provides, for an equivalent sum, a joint and several guarantee from a financial institution.

More Definitions of Retention Sum

Retention Sum as defined under the SPA is increased from Ringgit Malaysia Twelve Million (RM12,000,000.00) to the sum of Ringgit Malaysia Fifteen Million (RM15,000,000.00);

Retention Sum the sum of £100,000 to be held by the Sellers Solicitors for six months following Completion pending notice from the Buyer of any Claim and to be dealt with in accordance with Clause 5.6

Retention Sum means the sum of L1,250,000;

Retention Sum means the sum of Ringgit Malaysia Six Hundred Twenty Two Thousand and Five Hundred (RM622,500.00) only representing three per centum (3%) of the Purchase Price;

Retention Sum means the sum of (pound)467,000;

Retention Sum shall have the meaning set out in Schedule 7.

Retention Sum means the sum of £11,956,000 or such lesser sum determined in accordance with the terms of this agreement;