Remove line in a Retention Agreement - Online Editor

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How to Remove Line in the Retention Agreement

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[Music] this time i thought wed have a conversation about data microsoft 365 data and specifically yours and mine so in terms of deletion retention and this thing called legal hold what does it all mean anyway well if you want to learn youve come to the right place [Music] greetings my fellow youtubers welcome back to the channel i really appreciate you stopping by and especially if this is your first visit we really do appreciate you uh coming to see us if you enjoy the video of course hit the like button it really does help my channel and im were really getting close to that 10k number so if youve not subscribed hit that subscribe button and you wont miss out on the good stuff in the future um please excuse my surroundings obviously im not in my studio this week im on site in trondheim in norway delivering a course but i wanted to talk to you today about um data your data my data um how does microsoft 365 actually deal with it what happens to your data when you send it to a m

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How do I deduct retention money?

The retention money shall be deducted on agreed percentage (as mentioned in contact/agreement) from the amount payable to contractor or on each instalments of progressive billings. A contractor may also deduct from payment to sub-contractors on the same basis.

How long can a company hold retention?

This figure is known as the first moiety of retention. After this, there is a set period of time, typically 12 months, usually known as the defects liability period. This is like a warranty, during which the contractor, and by extension the sub-contractor, is obliged to rectify any defects.

What is 5% retention deduction?

Retentions are a percentage of a construction contract, often 5%, which are held back and not paid until a later date. Main contractors often insist on these as a way of mitigating themselves against snagging and defects in the work thats been completed.

What is the JCT clause for retention?

Under the JCT standard form contracts, the first half of the retention is paid when the project is completed, and the second half is paid following the expiration of the defects liability period.

What is the accounting treatment of retention?

Retention is a concept used in accounting to refer to the funds or assets held by organizations for an extended period. Unlike operating or contingency reserves, retention is set aside for a specific purpose. This purpose may be related to future growth opportunities or investments that require long-term commitments.

Will retention be withheld?

Retention is an amount of money withheld from a contractor until a job is complete. This normally is 5-10% of the contracts sum. It acts as a kind of security deposit: if defects are left by the contractor that they fail to remedy, the money is rightfully retained by the employer to fix those defects.

What happens to retention if contract terminated?

The general rule is if you are terminated you will not get the benefit of the Retention. If you are the Payee (e.g. the subcontractor) and you are terminated, no further payment is due including the Retention until the Final Account when the job has been completed by others.

How do you deduct retention?

The retention funds are usually deducted at the rate of 10 per cent of each progress claim until 5 per cent of the contract value has been docHubed. They are usually held in the form of cash but could also be a bank guarantee or insurance policy.

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Remove Line in the Retention Agreement