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.
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We have to understand items specific to the industry such as the available methods of accounting, tax deductions, how to work with over- and under-billings and retainage.
Receivables & retainage not included for completed projects; however, if purchased with extended work orders in place WIP payments and retainage will be pro-rated or negotiated.
Payment terms: 80% upon completion, 20% retainage to be paid after final inspection).
In Exhibit 1, the organization has assessed that it should investigate improvement opportunities in vendor invoice processing, P-card processing, and retainage management--processes that are of high or medium priority and complexity.
He will discuss retainage laws in North Carolina for both public and private jobs, as well as other contract issues commonly faced by ASAC members in their businesses.
If financial weaknesses are a factor, consider using two party checks for suppliers or holding back additional retainage.
A retainage in a contract may cause uncertainty as to the timing of including payments in income for a contractor that receives some payments in one year and the retainage in a later year.
The release should have been modified to exclude retainage and the claims for work outside of the regular contract billing (e.
Reported sales volumes in the company's financial statements will be adjusted for retainage, including usage, line loss and stripping of condensate, which has historically been some 6% below produced volumes, Panoro Energy said.
5% royalty and fuel retainage, which has historically been averaging about 4%, the company said.