UK Accounting Glossary
An amount of money held back from a payment as insurance against the work not being completed.
A retainage is a portion of a contract’s final payment that’s withheld by a principal (client or owner) until the project is complete in all respects; functioning satisfactorily according to the contract terms, and all mechanic’s liens have either been released or have expired.
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This glossary post was last updated: 28th December 2019.