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After the issue of certificate of virtual completion. 1.7.2 The balance amount of Initial Security Deposit is to be paid by the contractor to the Employer within 14 (Fourteen) days of intimation to him or the acceptance of the tender in the form of Demand Draft. CONTRACTOR S SIGNATURE Page 2 1.8 Retention Money 1.8.1 The retention percentage (i.e. deduction from interim bill) shall be 8% of the gross value of each interim bill. 1.8.2 The maximum amount of retention money shall be the bala.

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