retention money

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retention money

Post by vines on Thu Oct 11, 2012 5:02 pm

Should we subject payment to retention of 10% if the contractor was contracted through negotioted procurement under emergency case?
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Re: retention money

Post by elib on Thu Oct 11, 2012 5:06 pm

hi msc,

imo yes, as that is an assurance that will cover for any defects on the partially completed works.

cheers....
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Re: retention money

Post by vines on Thu Oct 11, 2012 5:54 pm

how about if it was contracted through SVP?
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Re: retention money

Post by elib on Thu Oct 11, 2012 6:06 pm

hi msc,

yes, section 62 of the irr reccomends that any goods procured from any mode of procurement requires a warranty which shall be covered by the retention money or bank guarantee amounting to 10% of the contract price.

cheers....
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Re: retention money

Post by regina avelino on Fri Oct 12, 2012 9:54 am

retention of 10% is required infrastructure projects contracted thru svp or emergency case to cover uncorrected discovered defects and third party liabilities as per annex e section 6.

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Re: retention money

Post by pocoyo on Fri Nov 16, 2012 12:49 pm

i think there are some alternative modes of procurement, where warranty is not required. Under Section 54.5, these are (1) Shopping, (2) NP - Emergency, (3) NP- SVP, (4) NP - Lease of real property, and (5) NP - UN agencies.

retention money is one of the forms of warranty.

so from what I understand, it is not mandatory to impose retention money for emergency cases or SVP. this does not however preclude the Procuring Entity from requiring otherwise. Smile
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Re: retention money

Post by madingcena on Tue May 26, 2015 3:40 pm

just want also to clarify, how about on janitorial/security services? do they need to put retention money?
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