Slide table in the Retention Agreement

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How to Slide table in the Retention Agreement

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good morning welcome everyone to this webinar on standard practice for military packaging im mary mcgovern of the association of procurement technical assistance centers and along with our region six and seven directors mary turner and clint doherty im pleased to have doug joseman whos a packaging specialist assigned to the defense contract management agency logistics and safety center with us today to help us understand the organization of packaging documentation and where you can find information about it all participants are in listen only mode to minimize background noise and feedback and to ensure a more productive webinar for everyone if you have questions please submit them through the question feature which is in the dota webinar panel on the right of your screen uh mary turner will feed the questions to doug at a couple of different intervals a couple of different breaks in the webinar so that he can answer them for everyones benefit after the webinar a very brief evaluati

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How do you get retention money?

Usually, this money can be claimed after the actual buildings completion and/or after the defects liability period. But, if they are giving you a bad time in getting this money back, then you can file for adjudication. As mandated by law, the money retention can also happen while undergoing adjudication.

What is sliding retention?

Sliding scale retention refers to the portion of a contract amount due that is withheld from a contracted party (the party doing the work) by the contracting party (the party paying for the work). The amounts withheld are based on a set of variable standards defined in the contracts scope of work.

What is sliding scale retention?

Sliding scale retention refers to the portion of a contract amount due that is withheld from a contracted party (the party doing the work) by the contracting party (the party paying for the work). The amounts withheld are based on a set of variable standards defined in the contracts scope of work.

What is a retention clause in a construction contract?

The retention clause in a contract describes the amount of money to be retained. It also describes when and how will this amount be paid back, as agreed by both parties. The percentage of retention money withheld could be different from contract to contract.

How does retention work?

A retention works by holding onto or retaining a portion of the contract until the job is complete. Once the job is done and the individual that hired the contractor is satisfied, the contractor will receive the retained portion.

How do I enable sliding scale retention?

Click the Advanced Settings tab. Under Advanced Settings, click Edit. Scroll down to Sliding Scale Retention. Place a checkmark in the Enable Sliding Scale Retention box to enable the feature on the purchase order or subcontract.

When should retention be released?

It is usual for retention to be paid at two different times during the construction process. Often half of the retention will be paid following the completion of the job, often referred to as practical completion. The other half will be paid after the defects liability period ends.

How long can retention money be held for?

This is the case under both the JCT and the NEC3 contracts. There is no maximum time limit, under statute or at common law, for which a retention can be withheld by the employer. It will depend on the terms of the contract.

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