what is retention money?
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Retention money is an amount held back from a payment made under a construction contract. ... It is generally held to ensure that a contractor performs all of its obligations under the contract, and is then released either on practical completion or after the end of a defects notification period.
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Retention money is described as the sum of money held by the employer as a safeguard for any defective or non-conforming work by the contractor.
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