Retainage on projects is usually no more than 10 percent of monies due per invoice. You invoice for $1,000 and you are paid the net terms of $ 900 until the date or time specified in your contract, when the $ 100 retainer would be released. It is pretty simple most of the time.
I can see on burying drops that the hold time on retainers might be a tad longer due to any damage claims.
Re: Retainage
Member #: 199
Registered: 1996-2001
Posted:
313
Name:
Chris Kramer
Name:
Chris Kramer
Company:
Spectrum Planning, Inc.
Occupation:
VP of Operations
Location:
St. Charles MO.
Experience:
~39 years
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