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Retention in construction is an amount of money held back from payments to contractors and subcontractors until the works have been completed satisfactorily and any defects identified are rectified. It is typically 5% of a project's value and is released as soon as the project has been completed toRead more
Retention in construction is an amount of money held back from payments to contractors and subcontractors until the works have been completed satisfactorily and any defects identified are rectified. It is typically 5% of a project’s value and is released as soon as the project has been completed to the satisfaction of the client.
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