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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.
What is the meaning of retainage?
Retainage is an amount of money withheld from payment to a contractor or subcontractor until the end of the construction project, or a time specified in the contract.
Is retention and retainage the same thing?
These two terms are often used interchangeably, but in certain cases the terms retainage and retention have different meanings. In construction, retainage may refer to the amount being held back, and retention could indicate the act of withholding the money.
What does retention mean in construction?
Retention payments are a percentage of milestone payments owed to a subcontractor or vendor. They are withheld pending full practical completion and resolution of any defects. Many project owners or end clients also hold retention payments from monies due to the head contractor at the agreed project milestones.
What is the main purpose of a retainage?
What is Retainage? Retainage is the withholding of a portion of the funds that are due to a contractor or subcontractor until the construction project is finished. It is meant to serve as a financial incentive and an assurance that the contractor will complete the project in a satisfactory manner.
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Retainage is a percentage of the contract amount that is held until a specific date after the completion of the work. You release retainage by creating a voucher pay item with a Pay Status of A (Available to Pay) for the amount that you want to release. The retainage amount is also referred to as holdback.
What does 5% retainage mean?
(For example, if youre working on a project with 10 progress payments and 5% retainage, and the 5% is maxed out with the 6th payment, that means that no more money can be withheld for the final 4 payments, 7-10.)
What is the typical amount of retainage on a job?
Retainage, also called retention, is an amount withheld from the contractor until a later date. Its fairly common, especially on commercial and public construction projects, and typically ranges from 5 - 10% of the total contract price.
How do you release retainage in procore?
Steps Navigate to the projects Prime Contracts tool. Click the Invoices tab. Locate the owner invoice that you want to work with. Click the Detail tab. Click the Edit button. Choose one of the following: Set Retainage on All Line Items. Release Retainage on All Line Items.
What does 5% retainage mean?
(For example, if youre working on a project with 10 progress payments and 5% retainage, and the 5% is maxed out with the 6th payment, that means that no more money can be withheld for the final 4 payments, 7-10.)
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Ask a Professor: Retainage FAR 52-232-5 - DAU
Paragraph i of clause 52.246-12 states that acceptance is final except for latent defects and the Governments rights under the warranty, so if the whole
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