retainage definition

retainage

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.

retainage is in the Agreements & Contracts and Purchasing & Procurement subjects.

retainage appears in the definition of the following term: retention clause

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