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retention money

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retention money

Post by govemp on Tue Dec 22, 2009 10:53 am

the project is 100% complete, can the contractor claim the 100% billing including the 10% retention? to our understanding retention money is released only after one year from date of acceptance by the agency and is substituted either with surety bond / bank guarantee.

help pls
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Re: retention money

Post by amang'65 on Tue Dec 22, 2009 11:20 am

welcome to the forum engr biliran. based on your prfile, i suppose you are from the commission on audit. retention is a form of warranty to be imposed for a certain period depending on the type of project. i am afraid you are right engr., it should only be released as soon as the warranty period has been consumed.
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Re: retention money

Post by riddler on Tue Dec 22, 2009 11:41 am

govemp wrote:the project is 100% complete, can the contractor claim the 100% billing including the 10% retention? to our understanding retention money is released only after one year from date of acceptance by the agency and is substituted either with surety bond / bank guarantee.

help pls

we have a nice discussion on this matter yesterday with amang. please click the link below. Very Happy


http://gppb.topicsolutions.net/contract-implementation-f29/retention-money-t569.htm?highlight=retention

in addition all cumulative CASH retention taken from progress Billing may be replaced by a Security Bond. The retention Bond shall cover the Defects Liability period for 1 year. If no defects has been noted by the PE, the retention (Bond or Cash) may be released after 1 year.
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Re: retention money

Post by govemp on Tue Dec 22, 2009 1:42 pm

THANKS PO Very Happy
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Re: retention money

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