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.
The amount of payment withheld from contractors or subcontractors per contractual agreement to ensure final and satisfactory completion of a job.
The portion of the payment due to a contractor or equipment builder that is withheld until final inspection and acceptance of the work. Also called a holdback.
Contractual hold-back of a percentage (usually 5 to 10 percent) of billings to ensure that work is completed to satisfaction of the architect, engineer, and owner.
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.
Amount billed but not due until the completion of the project. Also referred to as a hold-back.
The amount held back (retained) from a contractor until all work is satisfactorily completed.
Construction contract term for the funds that are earned by the contractor but not paid until some agreed upon date, such as the completion of the job. Supposedly, this is an incentive to complete the job in a timely manner.
A portion of payment that is withheld until certain deliverable results have been reached. In the case of sponsored billing, the deliverable may be a progress report, final report or technical report. In the case of a construction project, the deliverable may be a particular phase of completion up to and including the punch list.
The amount of money withheld by an owner as security until the contractor completes a job.
