Define: Retainage

UK Accounting Glossary

Definition: Retainage



What is the dictionary definition of Retainage?

Dictionary Definition


An amount of money held back from a payment as insurance against the work not being completed.


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Full Definition of Retainage


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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Synonyms For Retainage


holdback, retained, chosen, amount retained, from object


Cite Term


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https://payrollheaven.com/define/retainage/
Modern Language Association (MLA):
Retainage. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. March 31, 2020 https://payrollheaven.com/define/retainage/.
Chicago Manual of Style (CMS):
Retainage. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/retainage/ (accessed: March 31, 2020).
American Psychological Association (APA):
Retainage. PayrollHeaven.com. Retrieved March 31, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/retainage/

Definition Sources


Definitions for Retainage are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 28th December 2019.