Holdback - Revision history

Designing Buildings at 07:38, 27 January 2021

2021-01-27T07:38:48Z

← Older revision		Revision as of 07:38, 27 January 2021
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	In some countries, more than one holdback can be applied. For example, in Canada, a basic holdback may be retained form the total project cost, released after practical completion. A finishing may then be retained from the value of the work left to be done, released after project completion.		In some countries, more than one holdback can be applied. For example, in Canada, a basic holdback may be retained form the total project cost, released after practical completion. A finishing may then be retained from the value of the work left to be done, released after project completion.

−	~~= Find out more =~~	+	= Related articles on Designing Buildings Wiki =
−		+
−	=== Related articles on Designing Buildings Wiki ===	+

	* Contingency.		* Contingency.
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	* Working capital.		* Working capital.

−	[[Category:Construction_management]] [[Category:Contracts_/_payment]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Construction_management]] [[Category:Contracts_/_payment]]

Editor at 16:56, 15 August 2018

2018-08-15T16:56:51Z

← Older revision		Revision as of 16:56, 15 August 2018
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	* Right to payment.		* Right to payment.
	* Surety.		* Surety.
		+	* The problems with retention.
	* Working capital.		* Working capital.

	[[Category:Construction_management]] [[Category:Contracts_/_payment]]		[[Category:Construction_management]] [[Category:Contracts_/_payment]]

Editor at 15:13, 23 July 2018

2018-07-23T15:13:18Z

← Older revision		Revision as of 15:13, 23 July 2018
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	* Defects liability period.		* Defects liability period.
	* Final account.		* Final account.
		+	* Retainage.
	* Retention.		* Retention.
	* Retention bond.		* Retention bond.

Designing Buildings at 07:35, 6 June 2018

2018-06-06T07:35:55Z

← Older revision		Revision as of 07:35, 6 June 2018
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	In construction, the concept of a retention can sometimes, and in some jurisdictions, be referred to as a ‘holdback’.		In construction, the concept of a retention can sometimes, and in some jurisdictions, be referred to as a ‘holdback’.

−	Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract.	+	Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. Half of the amount retained is released on certification of practical completion, and the remainder is released upon certification of making good defects. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract.
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		+	For more information see: Retention

	Holdback is the same contractual mechanism as a retention; a proportion of the final payment is ‘held back’ from the contractor until the client is satisfied that the works have been completed to the specification.		Holdback is the same contractual mechanism as a retention; a proportion of the final payment is ‘held back’ from the contractor until the client is satisfied that the works have been completed to the specification.

−	In some countries, more than one holdback can be applied. For example, in Canada, a basic holdback ~~is usually 10% of~~ the total project cost, released ~~45 days~~ after ~~the substantial~~ completion. ~~After substantial completion, 10% of~~ the value of the work left to be done ~~is the finishing holdback and~~ released ~~45 days from the~~ project completion.	+	In some countries, more than one holdback can be applied. For example, in Canada, a basic holdback may be retained form the total project cost, released after practical completion. A finishing may then be retained from the value of the work left to be done, released after project completion.

	= Find out more =		= Find out more =

Editor: Created page with "In construction, the concept of a retention can sometimes, and in some jurisdictions, be referred to as a ‘holdback’. Retention is a percentage (often 5%) of the amount cert..."

2018-06-04T13:43:14Z

Created page with "In construction, the concept of a retention can sometimes, and in some jurisdictions, be referred to as a ‘holdback’. Retention is a percentage (often 5%) of the amount cert..."

New page

In construction, the concept of a retention can sometimes, and in some jurisdictions, be referred to as a ‘holdback’.

Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract.

Holdback is the same contractual mechanism as a retention; a proportion of the final payment is ‘held back’ from the contractor until the client is satisfied that the works have been completed to the specification.

In some countries, more than one holdback can be applied. For example, in Canada, a basic holdback is usually 10% of the total project cost, released 45 days after the substantial completion. After substantial completion, 10% of the value of the work left to be done is the finishing holdback and released 45 days from the project completion.

= Find out more =

=== Related articles on Designing Buildings Wiki ===

* Contingency.
* Defects liability period.
* Final account.
* Retention.
* Retention bond.
* Retention held in trust fund.
* Right to payment.
* Surety.
* Working capital.

[[Category:Construction_management]] [[Category:Contracts_/_payment]]