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INQUIRY ON RETENTION MONEY FOR GOODS

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INQUIRY ON RETENTION MONEY FOR GOODS

Post by essan on Fri Apr 30, 2010 6:19 pm

I just want to ask when can a contractor demand for the release of the 10% retention money? A certain company has already delivered the goods in 2009 and has been accepted by the LGU. The COA, however, in its post-audit did not approve the release of the retention money because of the non-submission of a lacking document which should be submitted by the LGU. The LGU however, could not provide the document being required by COA. Considering that the goods have already been delivered and accepted, can the contractor already demand for its release? If so, what are the possible justifications or provisions in the law can the company cite so that retention money would be released?

Thank you for the advice.
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Re: INQUIRY ON RETENTION MONEY FOR GOODS

Post by amang'65 on Fri Apr 30, 2010 9:57 pm

first and foremost, how come the transaction was paid when there was lacking documents? second, retention money does not speak for lacking documents, it serve as warranty for a certain project, or goods delivered. the fact that it was already accepted, and is the warranty period has been served and that there was not problem with the project or goods delivered, then i the supplier has the right to be refunded of its retention money.
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Re: INQUIRY ON RETENTION MONEY FOR GOODS

Post by msm326 on Tue May 04, 2010 10:05 am

Good Day.... I agree with amang'65 , before any contract or purchase order order be issued all documents must be completed and based on the pre-audit guidelines particularly on the final payment , all the documents that needs to be complied must be submitted first before the issuance of the retention money if the warranty period have lapsed already.
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Re: INQUIRY ON RETENTION MONEY FOR GOODS

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