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10% percent retention

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10% percent retention

Post by enyl on Wed Jan 13, 2010 3:38 pm

good afternoon

could I ask if how much is the retention to be made for infrastructure projects? Is it 10% of the total ABC or 10% of the 15% of ABC?
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Re: 10% percent retention

Post by Guest on Wed Jan 13, 2010 4:00 pm

10% of total contract price po pag retention money for warranty.

62.1. x x x The obligation for the warranty shall be covered by either retention money in an amount equivalent to at least ten percent (10%) of every progress payment, or a special bank guarantee equivalent to at least ten percent (10%) of the total contract price.

But if retention money under Annex E po ung concern nyo this rule may help.

6. RETENTION MONEY
6.1. Progress payments are subject to retention of ten percent (10%) referred to as the
"retention money." Such retention shall be based on the total amount due to the
contractor prior to any deduction and shall be retained from every progress payment
until fifty percent (50%) of the value of works, as determined by the procuring
entity, are completed
. If, after fifty percent (50%) completion, the work is
satisfactorily done and on schedule, no additional retention shall be made; otherwise,
the ten percent (10%) retention shall be imposed.


Last edited by WormaixJr on Wed Jan 13, 2010 4:42 pm; edited 1 time in total

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Re: 10% percent retention

Post by sunriser431 on Wed Jan 13, 2010 4:28 pm

enyl wrote:good afternoon

could I ask if how much is the retention to be made for infrastructure projects? Is it 10% of the total ABC or 10% of the 15% of ABC?
Try this link. http://www.gppb.gov.ph/opinions/view_opinion.asp?o_id=530
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Re: 10% percent retention

Post by Guest on Wed Jan 13, 2010 5:22 pm

sunriser431 wrote:
enyl wrote:good afternoon

could I ask if how much is the retention to be made for infrastructure projects? Is it 10% of the total ABC or 10% of the 15% of ABC?
Try this link. http://www.gppb.gov.ph/opinions/view_opinion.asp?o_id=530

for goods po ito e.

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