retainage

  

Definition

Portion of a contract's final payment withheld by a principal (client or owner) until the project is complete in all respects, functioning satisfactorily according to the contract terms, and all mechanic's liens have either been released or have expired.

Use retainage in a sentence

  • I was glad we had a retainage policy, so we could wait until everything was finished before paying the people.

    Was this Helpful?   (25)   (0)
  • You should always keep a retainage so that you know the other party still has something to motivate him to do well.

    Was this Helpful?   (25)   (0)
  • For a project as large as constructing a lifelike robot overlord statue for the town hall rotunda, a 20% retainage doesn't seem very extraordinary at all.

    Was this Helpful?   (25)   (0)
Show more usage examples...

Related Videos




http://www.businessdictionary.com/definition/retainage.html

Have a question about retainage? Ask for help in the
Community
Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z