Payment Modes in Contract of Work Tendering: Retainage (Retention) Payment Contracts

Description

This Skill Bit talks about Retainage payments, which are integral in construction contracts and withhold a set percentage of payments until project completion. Ensuring contractors meet obligations, funds are safeguarded in escrow until substantial completion, defined by minor issues remaining. Release hinges on meeting contractual terms, fostering project completion incentives, and resolving disputes over retainage for final payment assurance.

Duration approx. 4 Min.

Tier: proficiency