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.

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  • You should always keep a retainage so that you know the other party still has something to motivate him to do well.

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  • 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.

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