Question

16. Retention money is equal to the
(a) Work certified less work uncertified
(b) Contract price less work certified
(c) Work certified less payment received by contract or
(d) None of the above​

Answer 1

The correct answer is option (b) Contract price less work certified.

• Retention Money is defined as the amount of money retained by the employer as protection for any defective or non-contractual employee.
• This system protects the employer against potential damage during the disability loan if the contractor does not respond in accordance with the terms of the contract.
• Generally, Property Guarantee provides protection to the employer. The savings give an idea of ​​the importance of completing a signed project in terms of its terms and designs. The contractor must complete the scope of work under his contract to obtain the final amount deducted.

Answer 2

Answer:

Option b. Contract price less work certified is the correct answer for the question stated above.

Explanation:

• Retention Fee is defined as the amount of money retained by the employer as protection for any defective or non-contractual employee.
• Retention Money in Construction is defined as the amount of money retained by the customer as protection from any damage or inconsistency with the construction work performed by the contractor.