What does retainage mean in construction?
Short definition
Retainage is a portion of payment withheld until work reaches agreed completion milestones.
Longer explanation
Owners often hold retainage to provide financial assurance that contracted work will be completed and deficiencies resolved.
Example in context
“The project team reviewed the retainage during the construction phase.”
Common users
- Owners
- Architects
- Contractors
- Construction managers