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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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.
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.
Weaver-Bailey considered the job completed, and so the retainage should be paid to Weaver-Bailey," Davidson said.
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.
Customers pay quickly w/ no retainage & no bonds required.
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.
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.
9 million held in construction retainage on the $110 million project.
Retainage embodies the bulk of the profit on the job, and GCs always seem to find a reason to delay these payments.
Aon considers a variety of retainage arrangements and IPIS/Reliance recovers just the legal costs.
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.