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Payment of Retention Money Sample

Clauses
● Payment of Retention Money. When the Taking-Over Certificate has been issued for the
Works, the first half of the Retention Money shall be certified by the Engineer for payment
to the Contractor. If a Taking-Over Certificate is issued for a Section or part of the Works,
a proportion of the Retention Money shall be certified and paid. This proportion shall be
half (50%) of the proportion calculated by dividing the estimated contract value of the
Section or part, by the estimated final Contract Price.Promptly after the latest of the expiry
dates of the Defects Notification Periods, the outstanding balance of the Retention Money
shall be certified by the Engineer for payment to the Contractor. If a Taking-Over
Certificate was issued for a Section, a proportion of the second half of the Retention
Money shall be certified and paid promptly after the expiry date of the Defects Notification
Period for the Section. This proportion shall be half (50%) of the proportion calculated by
dividing the estimated contract value of the Section by the estimated final Contract
Price.However, if any work remains to be executed under Clause 11 [Defects Liability],
the Engineer shall be entitled to withhold certification of the estimated cost of this work
until it has been executed.When calculating these proportions, no account shall be taken
of any adjustments under Sub- Clause 13.7 [Adjustments for Changes in Legislation] and
Sub-Clause 13.8 [Adjustments for Changes in Cost]. Unless otherwise stated in the
ParticularConditions, when the Taking-Over Certificate has been issued for the Works
and the first half of the Retention Money has been certified for payment by the Engineer,
the Contractor shall be entitled to substitute a guarantee, in the form annexed to the
Particular Conditions or in another form approved by the Employer and issued by a
reputable Bank or financial institution selected by the Contractor, for the second half of
the Retention Money. The Contractor shall ensure that the guarantee is in the amounts
and currencies of the second half of the Retention Money and is valid and enforceable
until the Contractor has executed and completed the Works and remedied any defects, as
specified for the Performance Security in Sub-Clause 4.2. On receipt by the Employer of
the required guarantee, the Engineer shall certify and the Employer shall pay the second
half of the Retention Money. The release of the second half of the Retention Money
against a guarantee shall then be in lieu of the release under ...
Appears in 2 contracts Contract Amendment , Unit Price Contract
● Payment of Retention Money. Clause 14.9 [Payment of Retention Money] has been
deleted as not applicable to these Conditions. 14.11 Application for Final Payment
Certificate In all places in this clause words “final statement” shall be replaced by “Final
Statement” Clause 15 Termination by Employer
Appears in 1 contract www.mpwik.krakow.pl