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retainage

   Also found in: Financial 0.02 sec.
retainage
A sum withheld from progress payments to the contractor in accordance with the terms of the owner-contractor agreement.


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Ensure there is enough retainage percentage to complete the work and that there is a reason for the trade to return to finish.
3 million for retainage, $881,863 in change orders, $294,560 from November 2008 billing and $173,162 from December billing.
 
 
 
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