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Release of Hold back Alberta Transportation retains hold back from each contract according to Section 1.2.46.6 (Release of Hold back) of the General Specifications, Specification Amendments and Supplemental

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How to fill out release of holdback amount

01

Verify that all work on the project has been completed according to the contract.

02

Calculate the total holdback amount that is to be released to the contractor.

03

Prepare a release of holdback amount document detailing the amount being released and any conditions for release.

04

Review the release document with all relevant parties, including the contractor and project owner.

05

Collect signatures from all parties involved to confirm agreement to release the holdback amount.

06

Send a copy of the signed release document to all parties for their records.

Who needs release of holdback amount?

01

Contractors who have completed all work on a project and are entitled to receive their holdback amount.

02

Project owners who are responsible for releasing holdback amounts to contractors once work has been completed satisfactorily.

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What is release of holdback amount?

The release of holdback amount refers to the process of returning the final retention or holdback amount to the contractor after the completion of a project.

Who is required to file release of holdback amount?

The contractor or subcontractor who is entitled to receive the holdback amount is required to file the release of holdback.

How to fill out release of holdback amount?

The release of holdback amount should be filled out with details of the project, contractor information, holdback amount, and confirmation of completion.

What is the purpose of release of holdback amount?

The purpose of the release of holdback amount is to ensure that contractors and subcontractors receive the final payment owed to them for completing a project.

What information must be reported on release of holdback amount?

The release of holdback amount should include details such as the project name, contract number, holdback amount, completion date, and signatures of all parties involved.

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