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  1. #1
    ngocha is offline Newbie
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    Default Civil engrineer_Commercial conditions

    Hi all,

    Could you please help me to explain more about email below?

    About payment schedule in tender document write as:

    1) 5% Upon Final acceptance by the owner, submission of O&M and submission of as-built drawings.
    2) 5% of the approved claim amount shall be deducted from each and every progress payment as "Retention Sum"
    3) The full Retention Sum shall be released upon submission of a Warranty Bond and Final Acceptance (FA), for an amount equivalent to 5%of the adjusted Contract Sum for the due performance of the Contract.

    Can I understand other way as?
    a) Retention: minimum 5% every claim - maximum 5% contract sum. (not 10%)
    b) After i submit Warranty Bond that time i receive full retention (5% contract sum)
    c) How about 5% of paraphrase 1)?
    _ O&M? what does it mean?
    _ How relationship of Finance acceptance of paraharase 1) and paraphrase 3)


    Thank you for your help.

    B. Regards,

    Suka

  2. #2
    Tdol is offline Editor, UsingEnglish.com
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    Default Re: Civil engrineer_Commercial conditions

    O&M = Operations and Maintenance
    a) I think it's just 5% not 5% minimum
    b) You receive Retention Sum (=2) and Final Acceptance (=1) but equivalent to the limit they set

    This is a legal question, and you should run this past a lawyer to get things clear. I am not a lawyer, but that is how I would read it. However, for legal advice, it's better to use a lawyer rather than a teacher.

  3. #3
    ngocha is offline Newbie
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    Default Re: Civil engrineer_Commercial conditions

    Thanks for your help..

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