Billing & AR
Retainage Accounting: How to Track and Collect What You're Owed
Retainage can lock up 5% to 10% of every contract for months. How to track receivable and payable retainage and get it released faster.
Topic
Billing & AR
1 guide and 5 glossary terms
Related terms
A written amendment to a construction contract that changes its scope, price, or schedule after the contract is signed.
A document in which a contractor, sub, or supplier gives up some or all of its lien rights in exchange for payment.
The progress billing request a contractor submits to the owner, typically on the AIA G702 application form with a G703 continuation sheet listing progress by line item.
A percentage of each progress payment, commonly 5% to 10%, that the owner or GC holds back until the job or a phase is substantially complete.
A breakdown of the contract sum into line items, each with a value, used as the basis for progress billing.
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