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"Contractor's Guide to Construction Retention"

One of the biggest headaches for many builders, particularly on larger projects, is keeping track of retention.

In the construction industry, retention is security held by a procuring contractor to guarantee the performance of a supplying contractor and, in particular, safeguard against defects if the supplying contractor fails to rectify satisfactorily them.

Many builders or subcontractors use manual systems like paper and pen or Excel spreadsheets. 

Payapps, a trusted construction software company, has prepared the following guide to help you navigate managing retention. 

The guide outlines:

• What is retention?
• How retention is calculated.
• How to effectively manage construction retention.
• What to do if your retention isn’t paid.

 

About Payapps

Payapps is an award-winning cloud-based collaboration tool for the construction industry. It helps main contractors and subcontractors simplify, standardise and expedite project progress payment claims, including retention and variations.

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