English - Turkish
Definition of retainage in English Turkish dictionary
- (Kanun) Avans
English - English
Definition of retainage in English English dictionary
- (Kanun) A percentage of a contract price retained from a contractor as assurance that subcontractors will be paid and that the job will be completed
- A portion of a contract payment that is held until contract completion to ensure full performance of the contract terms
- A portion of contractor's earned funds withheld from each progress payment until the project is complete 5 to 10% is a common amount withheld, and is used as leverage to insure that the work is indeed completed under contract
- An amount withheld from a contractor payment made by the agency on earned amounts This is usually held until the completion and acceptance of a project as security to assure completion by the contractor
- The amount of money withheld by an owner as security until the contractor completes a job
- in a construction contract, money earned by a contractor but not paid to the contractor until the completion of construction or some other agreed-upon date
- A portion of a contract payment that is held until contract completion in order to ensure full performance of the contract terms