US Legal Forms
Release of Retainage Request

Release of Retainage Request

Name: Release of Retainage Request
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.83 (222 reviews)

Category:

Construction - Contracts

State:

Multi-State

Control #:

US-CC-0001

Format:

Instant download

Description

The principal contractor makes a request to the property owner for release of all or part of the contract retainage being held for a project. Contractor represents that the portion of the work which was the subject of the retainage per the contract. Release of Retain age Request is a document used to request the release of funds that are held in retain age. Retain age is a common practice in the construction industry whereby a portion of the contract price is withheld by the owner until the project is completed and inspected. The purpose of retain age is to ensure that the contractor completes the project and meets the quality requirements. The Release of Retain age Request is used to document the completion of the project and request the release of the remaining funds. There are two types of Release of Retain age Request: Partial Release and Final Release. A Partial Release is typically used when a portion of the contract work is completed and the contractor is requesting the release of retain age for that portion of the work. A Final Release is typically used when the entire project is completed and the contractor is requesting the release of the remaining retain age.

Release of Retain age Request is a document used to request the release of funds that are held in retain age. Retain age is a common practice in the construction industry whereby a portion of the contract price is withheld by the owner until the project is completed and inspected. The purpose of retain age is to ensure that the contractor completes the project and meets the quality requirements. The Release of Retain age Request is used to document the completion of the project and request the release of the remaining funds. There are two types of Release of Retain age Request: Partial Release and Final Release. A Partial Release is typically used when a portion of the contract work is completed and the contractor is requesting the release of retain age for that portion of the work. A Final Release is typically used when the entire project is completed and the contractor is requesting the release of the remaining retain age.

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FAQ

When a contractor wins a bid for a large construction project, some of the money immediately goes to fund the start of the project. A construction retention payment (also called retainage) is the amount of money held back until the project is complete. Retainage is usually a percentage of the total project cost.

Sub: Regarding release of retention money Dear Sir, With reference to ourcontract no. 1234 related to ?Museum Building Construction?. Since the project has now been completed, we request you to release the retention money that was paid against the order no.

What is Retainage? Retainage is the withholding of a portion of the funds that are due to a contractor or subcontractor until the construction project is finished. It is meant to serve as a financial incentive and an assurance that the contractor will complete the project in a satisfactory manner.

Retention is the customary practice of withholding of monies to cover defects and incomplete work due from the payer to the payee in construction contracts that are deducted from stage payments during the construction phase and then released when the project is completed.

Typically, the first half of the retention is paid when the project is completed, whereas the second half is paid following the expiration of the defects liability period.

A standard definition of retention money is a percentage of money that an employer or an individual holds as protection from incomplete or inaccurate work done by the hired contractor.

What are Retention Payments? Retention payments are a percentage of milestone payments owed to a subcontractor or vendor. They are withheld pending full practical completion and resolution of any defects.

Retention is security held by a procuring contractor to guarantee the performance of a suppling contractor and in particular to safeguard against defects in the event that the supplying contractor fails to satisfactorily rectify them.

More info

RELEASE OF RETAINAGE REQUEST The undersigned is an authorized agent for the principal contractor named above. Release of Retainage.Owner's release of retainage shall not constitute acceptance of Work that fails to conform to the Contract Documents. , of the contractor's retainage at this time. Generally, the owner or GC should release the retainage payment within a set period after your work is substantially complete. Retainage is commonly withheld until the end of a construction project overall, rather than the completion of a particular contractor's work. Enter a currency amount for the material retainage that you are requesting to be released this period. In the Total Retention Released column, enter the total amount of work retention being requested for release on the line item. For example, in California, retainage on private projects must be released within 45 days of "date of completion. The best protection for all parties to a bonded contract is to not allow the early release of retainage on a bonded project.

Release of Retainage Request

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