retainage

Also found in: Financial.

retainage

A sum withheld from progress payments to the contractor in accordance with the terms of the owner-contractor agreement.

Mentioned in ?

consent of surety

References in periodicals archive ?

8220;North Carolina retainage laws are meant to protect subcontractors from the withholding of payment for their services, so it is important that those in the construction industry completely understand these laws.

Anderson Jones, PLLC Partner to Speak on Federal and State Retainage Laws to Local ASAC Chapter

Retainage amounts might seem to be includible in the year in which the payment to which the retainage relates is accrued because that appears to be when all the events occur that fix the right to receive all amounts called for under the contract.

Timing of revenue recognition for retainages

Weaver-Bailey considered the job completed, and so the retainage should be paid to Weaver-Bailey," Davidson said.

Supermarine problems

Also in the good news column is that the form for the release upon progress payment expressly excepts retainage and work done after the date specified in the release from being covered by the release.

When is a "final construction lien release" really final?

We have waited for the release of retainage for public jobs for as much as one year.

Store fixture industry displays cautious optimism: like many others, the store fixture industry faces challenges in the current economy, but remains hopeful of future opportunities

Customers pay quickly w/ no retainage & no bonds required.

Business For Sale; 15 -- General Building Contractors; CONTRACTOR COMMERCIAL

Billing upon the completion of the contract as opposed to percentage of completion billing, cost plus pricing, AIA billing, and retainage are common billing practices, and the capabilities of XBRL GL to provide tools to relate resources, parties, jobs, and locations over a period of time are crucial to their accurate management.

XBRL GL by industry: construction and job costing

Each entry begins with discussion of contract clauses, covering claims bar, indemnification, limitation of liability, liquidated damages, no-damages-for-delay, issues of payment, retainage, and immunity from liability.

State-by-state guide to construction contracts and claims; 2v

9 million held in construction retainage on the $110 million project.

Tampa Bay settles desalination dispute

Retainage embodies the bulk of the profit on the job, and GCs always seem to find a reason to delay these payments.

Wood 101: carpenters and framers--all introductory course

Aon considers a variety of retainage arrangements and IPIS/Reliance recovers just the legal costs.

COVERAGE CONCEPTS for Intellectual Property

In Texas, the retainage was five percent; however, during the last legislative session, the state legislature reduced the retainage to four percent if recycled materials were used on the project.