Easily Hide Payment Field from the Building Contract

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How to Hide Payment Field from the Building Contract

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in our previous video we covered adding a new field to the contract template in this video well cover removing a field from the contract template lets get started well go to the template builder choose the template we want to edit in this case the contract and notice that we have a selection of active fields available to us will locate the field that we would like to remove from the contract template and simply uncheck it system will ask you whether you truly want to delete the field will click ok and thats it that field has been removed any data thats been pre inserted into the field will be removed as well so do put pay particular attention to this and finally well just make sure that we save and update the template and thats it weve just deleted or removed a field from the contract template

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What is the purpose of retainage in construction contracts?

Retainage, also referred to as a hold back, helps the owner ensure a contractor sufficiently completes the project, and that the work meets with their approval and terms of the contract. It also provides a financial incentive for the contractor to see the project through to its successful finish.

Is retainage a contract asset?

Retainage for which the Company has an unconditional right to payment that is only subject to the passage of time are included in contracts receivable. In other words, unconditional retainage is classified as contracts receivable and conditional retainage is classified as a contract asset (subject to Netting Principle

How is retainage determined?

How is retainage calculated? Retainage is calculated as a percentage of each progress payment, usually anywhere from 5 to 10 percent depending on the type of project. Each state has differing limits and regulations on retainage, and there are also federal rules for federal projects.

What is the purpose of retention in construction contracts?

Retention is a percentage of payment held back typically by a client or main contractor under a construction contract to act as security, or an assurance that the project works will be completed and that defects which may subsequently develop are remedied.

What is the payment clause in a construction contract?

A payment clause that obligates the Contractor to pay the subcontractor for satisfactory performance under its subcontract not later than 7 days from receipt of payment out of such amounts as are paid to the Contractor under this contract.

Is retainage the same as deposit?

Retainage is an amount stated in the project contract to be withheld from payments in a construction project. Retention is another way of saying money will be withheld to to act as a security against poor or incomplete work. It is similar to a deposit, but instead of paying extra upfront, they are holding money back.

What are the payment terms for a subcontract?

Often this is expressed in terms of Net 30 or 60. This means that once the contractor or the sub-contractor sends the invoice for the services performed, they will be paid within 30 to 60 days, depending on the terms of the contract. For certain types of contracts, the industry may dictate sub-contractor payment terms.

What is the difference between retention and retainage?

What is the Difference Between Retention and Retainage? While these terms are used interchangeably, there is a difference between retention and retainage. Retention is the actual holding of the funds agrees upon in the contract, while retainage is the amount of those funds that are being held.

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