Form reduction retainage 2025

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The document is a formal request from a contractor to the owner for a reduction of retainage on a construction contract. It includes details such as the project number, contract number, work completed percentage, current and requested retainage percentages, and requires signatures from the contractor, professional engineer, and owner's authorized representative. The document emphasizes that the reduction does not relieve the contractor or surety from completing the contract satisfactorily.

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Click ‘Get Form’ to open the Contractor’s Request for Reduction of Retainage in the editor.
Begin by entering the Owner's name and date at the top of the form. This establishes who is involved in the request.
Fill in your Contractor Name and Address, along with the Owner’s Project Number and Contract Number. These details are crucial for identification.
In the Adjusted Total Contract section, input the total amount including any change orders. Ensure accuracy as this affects calculations.
Indicate the percentage of Work Completed (excluding material stored) and enter the corresponding dollar amount.
Complete the Current Retainage and Requested Retainage sections by providing both percentages and dollar amounts as applicable.
Attach a Consent of Surety Letter if required, then sign and type your name along with your title before entering the date.
For Professional Engineer’s Recommendation, indicate whether you recommend release or not, followed by typing their name and signing.
Finally, have the Owner’s Authorized Representative sign, type their name, and include their email address for submission purposes.

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How do you handle change orders in construction?

The contractor prepares a change order proposal quoting a price for the extra work. Once the owner and contractor have agreed on scope, price, and schedule, a formal, written change order is prepared and signed by all parties. Then, the contractor proceeds to perform the changed work.

Do contractors charge for change orders?

Contractors can add a charge for change orders within the contract to help deter owners from making constant changes. Generally, a construction change order markup of 10% of the net direct cost is considered an acceptable and reasonable charge for change orders.

How do you release retainage?

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.

Should a contractor proceed with extra work without a change order?

Almost all written construction contracts require that the contractor obtain a written change order as a condition to payment for the additional work.

What is the consent of surety to reduce retainage?

Summary. Instructions for G707A1994, Consent of Surety to Reduction in or Partial Release of Retainage, is used when retainage is reduced during a construction project involving a surety. This form assures the owner that reducing or releasing retainage does not absolve the surety of its obligations.

Key Facts About the Contractor’s Request for Reduction of Retainage Form

Purpose of the Form

Owner's Project Number

Current and Requested Retainage

Professional Engineer's Recommendation

Owner's Authorization Requirement

Electronic Submission Guidelines

Consent of Surety Requirement

Purpose of the Form

This form is used by contractors to formally request a reduction in retainage from the owner based on satisfactory performance.

Owner's Project Number

The form requires the owner's project number, which helps in identifying the specific project related to the contract.

Current and Requested Retainage

Contractors must specify both the current retainage percentage and the requested retainage percentage on the form.

Professional Engineer's Recommendation

A section is included for a professional engineer to recommend whether or not to release retention based on their evaluation of contractor performance.

Owner's Authorization Requirement

The form includes a section for the owner's authorized representative to grant or deny authorization for retention reduction.

Electronic Submission Guidelines

The form can be submitted electronically for review, but original signatures are required for contractual compliance.

Consent of Surety Requirement

A Consent of Surety letter must accompany the form when submitted to ensure that all parties are aware of the retention reduction request.

What is the percentage of change orders in construction?

Many contracts provide for a markup percentage for change orders, such as 10% or 15%, intended to cover overhead, indirect costs and profit.

Is there retainage on change orders?

The system determines the percent complete for a change order by dividing the net amount to date for all billing lines that do not have specific retainage rules at the billing line level by the total of the schedule of values for the billing lines.

Form reduction retainage 2025

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How to use or fill out form reduction retainage with our platform

See more form reduction retainage versions

Complete this form in 5 minutes or less

Got questions?

How do you handle change orders in construction?

Do contractors charge for change orders?

How do you release retainage?

Should a contractor proceed with extra work without a change order?

What is the consent of surety to reduce retainage?

Key Facts About the Contractor’s Request for Reduction of Retainage Form

Purpose of the Form

Owner's Project Number

Current and Requested Retainage

Professional Engineer's Recommendation

Owner's Authorization Requirement

Electronic Submission Guidelines

Consent of Surety Requirement

Purpose of the Form

Owner's Project Number

Current and Requested Retainage

Professional Engineer's Recommendation

Owner's Authorization Requirement

Electronic Submission Guidelines

Consent of Surety Requirement

People also ask

What is the percentage of change orders in construction?

Is there retainage on change orders?

Related links

Try more PDF tools

Form reduction retainage 2025

Here's how it works

How to use or fill out form reduction retainage with our platform

See more form reduction retainage versions

Complete this form in 5 minutes or less

Got questions?

How do you handle change orders in construction?

Do contractors charge for change orders?

How do you release retainage?

Should a contractor proceed with extra work without a change order?

What is the consent of surety to reduce retainage?

Related Searches

Key Facts About the Contractor’s Request for Reduction of Retainage Form

Purpose of the Form

Owner's Project Number

Current and Requested Retainage

Professional Engineer's Recommendation

Owner's Authorization Requirement

Electronic Submission Guidelines

Consent of Surety Requirement

Purpose of the Form

Owner's Project Number

Current and Requested Retainage

Professional Engineer's Recommendation

Owner's Authorization Requirement

Electronic Submission Guidelines

Consent of Surety Requirement

People also ask

What is the percentage of change orders in construction?

Is there retainage on change orders?

Related links

Try more PDF tools