ARTICLE 7 — RETAINAGE
§ 7.1 The Owner shall retain ten percent (10%) of each progress payment until Substantial Completion of the entire Work.
§ 7.2 Upon Substantial Completion, the Owner shall release retainage less an amount equal to twice the value of incomplete or nonconforming Work identified on the punch list.
§ 7.3 Final payment, including all remaining retainage, shall be made upon final completion and acceptance of the Work.