retainage

Tag: retainage

Retainage

Retainage Definition What is retainage? What is a retainage fee? In the contracting business, vendors define this term as a portion of the payment that is withheld until the completion of a project. The client doesn’t pay the contractor remaining payment until all work on the project is complete. It is defined the risk clients

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Progress Billing for a General Contractor

Progress Billing for a General Contractor Definition A construction project typically involves many different trades in order to reach completion. Therefore, it can be just as daunting a task to submit for payment to a client along the way. The Owner of a construction project relies on the project architect, lender and sometimes a third

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