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Retention in construction is a payment holdback for contractors to mitigate risk. It's a percentage of the payment withheld to ensure that subcontractors complete their work as required. The retainage percentage is typically predetermined before starting the project. For instance, if a contractor bills an owner $30,000, they may receive only $27,000 after a 10% retainage is deducted. This retained amount is kept until specific project requirements or checklists are completed at the project's end, ensuring that all work is performed to standards before final payment is made.
