Try to negotiate terms 2-4 so that your payment is due immediately after closing. It probably won`t fly with the GC, but you can negotiate the other terms and get a faster payment. Make sure you know the interest rate per contract. If it is not explicitly stated in this section, ask the GOC to include it so that everyone is aware of the fine for late payment. This clause depends on the premium contract, which contains conditions to which the GC and the owner have already given their consent. As a result, the GOC will probably not pay you a holdback until the landlord remits the holdback. If the First Contract does not allow for early deduction, the GC will not be retained until the completion of the entire project. However, depending on the nature of the project – and your relationship with the GOC – you may be able to negotiate that conservation be released once your work is complete. 11.2 (continued) – . Such payment to the subcontractor is the total outstanding balance of the amount of the subcontract, if full payment of the reserve is authorized under the main contract for the subcontractor`s work prior to the completion of the entire project. If the main contract does not allow the full release of the holdback, this payment is an amount which, if added to the previous payments to the subcontractor, reduces the withholding for the subcontractor`s substantially completed work to the same percentage of withholding as that corresponding to the contractor`s work covered by the certificate. “11.2 (continued) – “Within 30 days of the issuance by the architect of the certificate of payment for such essentially completed work, the contractor shall, to the extent permitted by the main contract, make a payment to the subcontractor and deduct part of the funds withheld in accordance with the certificate for the work of the subcontractor in order to cover the costs of the goods to be completed or corrected by the subcontractor.

As an applicant/creditor, you need to react very carefully to a full and final agreement….