Performance Retention
M/s xxx Building Contracting Co. LLC
Office No. xxx
Dusseldorf Business Point
P.O Box xxx, Al Barsha 1, Dubai, UAE
Tel: xxx
Fax: xxx
Attention : Eng. xxx
Procurement Manager
Project : The Living Legends, Dubailand
Subject : Performance Retention
Dear Sir,
We refer to our Subcontract Agreement reference xxx dated 20th September xxx, and to the meeting between Xxx (Name of the Subcontractor) Interiors (represented by Mr. xxx, Head of Sales & Marketing) and xxx Building Contracting Co. LLC (represented by Mr. xxx, Asst. Procurement Manager and Mr. Ixxx, Finance Manager) where it was agreed that a 10% Performance Retention shall be applied on our Payment Application in lieu of the Performance Bank Guarantee as required by the Subcontract.
In view of the above, this letter will serve as confirmation of the aforesaid meeting and agreement between the parties and it will be applied on our subsequent Payment Application. Moreover, for the previously submitted Payment Application, we will accept that 10% performance retention shall be applied on each payment and release the remaining value of our previously submitted payment application.
This is for your information, reference, and necessary action.
Sincerely Yours,
For Xxx (Name of the Subcontractor) Interiors LLC
xxx
Head of Sales & Marketing