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 Retainage Request
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How to fill out Release Of Retainage Request?
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FAQ
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.
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.
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.
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.
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.
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.
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.
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.
