What is the meaning of RETAINAGE?

In a construction contract, is the money earned by a contractor but not paid to the contractor until the completion of construction or another predetermined date. The' RETAINAGE' is held back as assurance for the quality of the contractors work.

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APABarry Goldsmith. (2010). retainage. Retrieved September 21, 2026, from http://smartdefine.org/retainage/definitions/1162442
ChicagoBarry Goldsmith. 2010. "retainage" http://smartdefine.org/retainage/definitions/1162442 (accessed September 21, 2026).
HarvardBarry Goldsmith 2010, retainage, Smart Define, viewed 21 September, 2026, <http://smartdefine.org/retainage/definitions/1162442>.
MLABarry Goldsmith. "retainage" 21 October 2010. Web. 21 September 2026. <http://smartdefine.org/retainage/definitions/1162442>