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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 is the meaning of the word retainage?
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.
What is the purpose of retainage?
Retainage, or retention or holdback, is a common practice in the construction industry where a portion of payment, typically 5-10%, is withheld until a predefined milestone is achieved on a building project. Retainage has a long history in the industry and can apply to both general and subcontractors.
What is the meaning of retainage?
What Is Retainage? Retainage is the withholding of a portion of the final payment for a defined period to assure a contractor or subcontractor has finished a construction project completely and correctly.
Is retainage the same as deposit?
A Simple Example of Fixed-rate Retainage To calculate your expected holdback, simply multiply the scheduled payment amount by the retainage rate. In this case, a $30,000 payment x 10% retainage would equal $3,000 in holdback for each payment. Construction Retainage 101: The Ultimate Guide - CrewCost crewcost.com blog construction-retainage-101 crewcost.com blog construction-retainage-101
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A public entity may withhold from each progress payment made to the contractor an amount not exceeding 10 percent of the payment as retainage until 50-percent
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