Meaning & use
Retainage
Last updated
A percentage of a contractor's payment withheld by a client until a construction project is satisfactorily completed.
See it in a sentence
The client held back ten percent in retainage until the final inspection passed.
Disputes over retainage are common when subcontractors finish their work early.
A note on using this word
Retainage is standard practice in the construction industry, giving clients leverage to ensure defects are fixed before final payment.
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