Important Comparisons in Retainage (Retention) Payments Contracts

This Skill Bit explores how retainage contracts vary from lump sum and time & materials contracts in aspects such as payment structure, focus on quality assurance, cash flow management, and conditions for releasing withheld funds. Grasping these differences is essential for effective project execution and financial management, ensuring that all parties understand their rights and obligations throughout the project lifecycle.

Duration approx. 4 Min.

Tier: proficiency

A part of Building an Effective Procurement Management Plan course.