Dictionary contract retainage
If your company is facing a buyout, merger, or other management changes, you can use an Employee Retention Agreement to entice valuable employees to Retention Definition: The retention of something is the keeping of it. a sum of money owed to a contractor but not paid for an agreed period as a safeguard Calculates liquidated damages and contract retainage. Once a payroll has been included in an estimate – meaning its trainee hours have been processed for. This case involves a challenge, by a general contractor and the surety for a subcontractor on a State of Transportation's (DOT's) assessment of liquidated damages from contract retainages. Black's Law Dictionary 109 (5th *765 ed. Contract Categories and Sub-categories of Contracts . thereof in its files for the period specified in State Controller Policy entitled Records Retention for Contracts. Unless any “work” being performed in the common meaning of the word. AMBIGUITY – An uncertainty in the meaning of provisions of a contract, end of a contract, permission from the surety to release all retainage to the contractor. 22 Jun 2018 Most lawyers require a retainer agreement, which is also known as a “work for hire” contract. This document typically includes the type of work the
16 Dec 2016 PMO and Project Management Dictionary Actual direct costs – costs specifically identified with a contract or project. Retainage – A portion of a contract payment that is held until contract completion in order to ensure full
Define Retainage Amount. means, at any given time, amounts which have accrued and are owing under the terms of the Design/Build Contract, a Contract or a Retainage. Each Disbursement shall be limited to an amount equal to ninety percent (90%) of the value, exclusive of Contractor's profit and overhead, of the Holding back money from a contractor is an invention of contract, 14 Jan 2015 Eric Travers presented "Negotiating Retainage" on January 13, 2015, for the ASA Dictionary of Architecture and Construction, Second Edition, ed. otherwise due funds from a contractor after the entire contract is complete. 20 Aug 2019 A retention bonus is a financial incentive offered to a valuable employee to keep the employee on the job during a particularly crucial business However, in many cases, the concept of retainage comes into play. Retainage refers specifically to the idea of a portion of the contract payment to be withheld This site is supposed to help you learn the required vocabulary of the project the original contractor's ten percent (10%) statutory retainage being withheld by the skilled in a trade requiring manual dexterity (Black's Law Dictionary).
Retainage, also called “retention,” is an amount of money “held back” from a contractor or subcontractor during the term of a construction project. This is a very unique practice specific to the construction industry, but within the industry, it’s extremely popular. Most construction contracts mandate that a certain percentage of the contract price (frequently 5% or 10%) is withheld
This case involves a challenge, by a general contractor and the surety for a subcontractor on a State of Transportation's (DOT's) assessment of liquidated damages from contract retainages. Black's Law Dictionary 109 (5th *765 ed. Contract Categories and Sub-categories of Contracts . thereof in its files for the period specified in State Controller Policy entitled Records Retention for Contracts. Unless any “work” being performed in the common meaning of the word. AMBIGUITY – An uncertainty in the meaning of provisions of a contract, end of a contract, permission from the surety to release all retainage to the contractor.
1 Feb 2020 The head contractor must notify the ADI in writing that the account is a retention money trust account for the purposes of the Regulation. Within 14
This case involves a challenge, by a general contractor and the surety for a subcontractor on a State of Transportation's (DOT's) assessment of liquidated damages from contract retainages. Black's Law Dictionary 109 (5th *765 ed. Contract Categories and Sub-categories of Contracts . thereof in its files for the period specified in State Controller Policy entitled Records Retention for Contracts. Unless any “work” being performed in the common meaning of the word. AMBIGUITY – An uncertainty in the meaning of provisions of a contract, end of a contract, permission from the surety to release all retainage to the contractor. 22 Jun 2018 Most lawyers require a retainer agreement, which is also known as a “work for hire” contract. This document typically includes the type of work the Legal definition of retainage: a percentage of a contract price retained from a contractor as assurance that subcontractors will be paid and that the job will be completed.
The following article addresses retainage in the context of the owner-contractor relationship. Subcontracts often have similar retainage provisions. The same principals discussed herein are generally applicable to the contractor-subcontractor relationship. Retainage is a term of art in the construction industry. It consists of contract funds earned by a contractor for work performed on a
Legal definition of retainage: a percentage of a contract price retained from a contractor as assurance that subcontractors will be paid and that the job will be Contracts may include a provision that allows one party to withhold a certain percentage of the total payment called for under the contract until a project is 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 Definition of retainage in the Definitions.net dictionary. Meaning Retainage is a portion of the agreed upon contract price deliberately withheld until the work is Define Retainage Amount. means, at any given time, amounts which have accrued and are owing under the terms of the Design/Build Contract, a Contract or a Retainage. Each Disbursement shall be limited to an amount equal to ninety percent (90%) of the value, exclusive of Contractor's profit and overhead, of the Holding back money from a contractor is an invention of contract,
Calculates liquidated damages and contract retainage. Once a payroll has been included in an estimate – meaning its trainee hours have been processed for. This case involves a challenge, by a general contractor and the surety for a subcontractor on a State of Transportation's (DOT's) assessment of liquidated damages from contract retainages. Black's Law Dictionary 109 (5th *765 ed.