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 ?
References in periodicals archive ?
It eliminated the preliminary notice letter requirement and it removed provisions requiring "statutory retainage" and "owner liability," according to Lindley.
The fight for "retainage reform" at the Minnesota Legislature is spilling over to the courts, as Shakopee-based RTL Construction is suing a local general contractor for payments withheld on four local projects.
These negotiations include issues such as the procedure for submittal and approval of payment applications, the documentation required by the owner as a condition for making payment (e.g., will the owner require lien waivers from the contractor and all subcontractors?), whether retainage will be deducted from progress payments, the amount of interest to be paid on payments that are late, and conditions for final payment.
It is Jones Lang Lasalle's (JLL) opinion that the remaining contract funds of approximately $905 million (net of Retainage) together with the remaining Hard Cost Contingencies are considered sufficient to complete the project as it is currently defined.
Bausman, Retainage Practices in the Construction Industry, Foundation of the American Subcontractors Association at 2 (Nov.
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. When you understand how all of these things work together, you can help a client maximize his financial position for bonding and banking purposes while minimizing taxes.
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.
connotes a permanent retainage, whereas the word 'withhold' connotes a temporary suspension."), rev'd on other grounds, Snyder Constr.
This could result from the premature release of retainage or other security.
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.
Perl said the retrofit at 28 West 44th has yet to attract more and higher paying tenants, however the green upgrades within its A Class portfolio has resulted in "better retainage" of existing tenants.
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.