retainage
- It's the portion of a contract amount held back from a contractor to ensure that all sub-contractors are paid and the project is finished
- The contractor was worried about the high retainage as it impacted their cash flow.
- The retainage was released to the contractor after all subcontractors confirmed that they were paid in full.
- To ensure the successful completion of the project, the client set a retainage clause in the contract.
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