Statutory Holdback definition

Statutory Holdback means the holdbacks required under the Construction Act.
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Statutory Holdback means 10% of the value of services or materials supplied to the Project under any contract or subcontract which is required to be withheld from payment pursuant to the Provincial Lien Legislation; and
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Statutory Holdback means the amount retained by the County in accordance with the requirements of the Construction Lien Act R.S.O. 1990, Chapter C.30 as amended.
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Examples of Statutory Holdback in a sentence

  • Payments shall be made on the written request of the Contractor to the Engineer in accordance with the Construction Act including the 10% Statutory Holdback and any unresolved liens.

  • The Statutory Holdback will be due 60 days after project is certified complete or Certificate of Publication has been supplied by the Contractor.

  • The holdback shall be comprised of a ten percent (10%) Statutory Holdback in accordance with the Construction Lien Act and a five percent (5%) Maintenance Holdback of the total amount of all monies due the Contractor, which shall be held for the full duration of the 24 month maintenance period.

  • Subject to the provisions of the Construction Lien Act, Metrolinx shall hold back, from each payment to the Consultant, ten percent (10%) of the amount of the payment or such greater amount as may be required under the Construction Lien Act (the “Statutory Holdback”), and any Statutory Holdback shall only be released in accordance with the provisions of the Construction Lien Act.

  • Subject to the provisions of the Construction Lien Act, Metrolinx shall hold back, from each payment to the Consultant, ten percent (10%) of the amount of the payment or such greater amount as may be required under the Construction Lien Act (the “Statutory Holdback”), andany Statutory Holdback shall only be released in accordance with the provisions of the Construction Lien Act.

  • Final payment will be made subject to Section GC 8.02.03.05 “Substantial Performance Payment and Substantial Performance Statutory Holdback Release Payment Certificates” of the OPS General Provisions of Contract, and the following conditions if applicable.

  • Final payment will be made subject to Section GC 8.02.04.05 “Substantial Performance Payment and Substantial Performance Statutory Holdback Release Payment Certificates” of the OPS General Provisions of Contract, and the following conditions if applicable.

  • Nor-Tec Group Invoice No. MAP-LED-HDBK#6That the 7.5% Statutory Holdback on Certificate of Payment No. MAP-LED-COP#6 toward the Expanded Capital Projects in the amount of $3,682.84 be held for future payment to Nor-Tech Group upon expiry date of the holdback period and satisfactory lien search.

  • Invoice No. AEW-LED-COP#2That 7.5% Statutory Holdback on Certificate of Payment No. AEW-LED-COP#2 toward the Expanded Capital Projects in the amount of $10,403.42 be held for future payment to A & N Electrical Ltd.

  • Basic Statutory Holdback means the sum retained by the Owner in accordance with the Construction Lien Act, equal to ten percent (10%) of the value, proportionate to the amount of the Contract, of the Work performed under the Contract before the date of Substantial Performance as specified by the Engineer in the Certificate of Substantial Performance.


More Definitions of Statutory Holdback

Statutory Holdback means the amount retained by the Town in accordance with the requirements of the Construction Lien Act R.S.O. 1990, Chapter C.30 as amended.
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Related to Statutory Holdback

  • Professional Fee Escrow Amount means the aggregate amount of Professional Fee Claims and other unpaid fees and expenses Professionals estimate they have incurred or will incur in rendering services to the Debtors prior to and as of the Confirmation Date, which estimates Professionals shall deliver to the Debtors as set forth in Article II.C hereof.

  • Indemnity Escrow Amount means $3,000,000.

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

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

  • Indemnity Escrow Fund means the Indemnity Escrow Amount deposited with the Escrow Agent, as such sum may be increased or decreased as provided in this Agreement and the Escrow Agreement, including any remaining interest or other amounts earned thereon.

  • Holdback has the meaning set forth in Section 4.1(d)(i).

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

  • Tax and Insurance Escrow Fund shall have the meaning set forth in Section 7.2 hereof.

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

  • Indemnification Escrow Amount has the meaning set forth in Section 2.2(b).

  • 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.

  • Indemnity Escrow Agreement means the Indemnity Escrow Agreement substantially in the form attached hereto as Exhibit B, among the Sellers, the Buyers and the Escrow Agent.

  • Adjustment Escrow Amount means $1,000,000.

  • Holdback Shares has the meaning set forth in Section 2.5(b)(v).

  • Adjustment Escrow Fund means the Adjustment Escrow Amount deposited with the Escrow Agent, as such amount may be increased or decreased as provided in this Agreement and the Escrow Agreement, including any interest or other amounts earned thereon.

  • Indemnification Escrow Fund has the meaning set forth in Section 2.12(a).

  • Working Capital Escrow Amount means $2,000,000.

  • Taxable value per membership pupil means each of the following divided by the district’s membership:

  • Professional Fee Escrow Account means an interest-bearing account funded by the Debtors with Cash on the Effective Date in an amount equal to the Professional Fee Amount.

  • Purchaser Losses shall have the meaning set forth in Section 9.1(a).

  • Adjustment Escrow Funds means, at any time, the portion of the Adjustment Escrow Amount then remaining in the Adjustment Escrow Account.

  • Retained Amount means the present value (as determined in accordance with sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of the Total Benefits net of all federal, state and local taxes imposed on Executive with respect thereto.

  • Buyer Losses shall have the meaning set forth in Section 11.1 hereof;

  • Estimated Merger Consideration shall have the meaning set forth in Section 2.10(a).

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

  • Qualified escrow fund means an escrow arrangement with a federally or state-chartered financial institution having no affiliation with any tobacco product manufacturer and having assets of at least one billion dollars where such arrangement requires that such financial institution hold the escrowed funds’ principal for the benefit of releasing parties and prohibits the tobacco product manufacturer placing the funds into escrow from using, accessing, or directing the use of the funds’ principal except as consistent with section 453C.2, subsection 2, paragraph “b”.