Subcontract Retention Overview
Retention Locks
When choosing contract settings on the system as a General Contractor, you can lock the retention for all new Subcontractors. Without the lock, Subcontractors can change the percentage of billable retention.
- Unlock Current Period Retention to allow Subcontractors to adjust the amount of retention held for the current period billing.
- Unlock Previously Held Retention to allow Subcontractors to bill for retention or to reduce the amount of retention held.
When you allow Subcontractors to bill for retention, you select settings on the Initiate Draw page.
Contract Level Retention
Hold retention against a total billed amount rather than against individual line items. Apply stepped retention rules that automatically adjust the retention rate based on the amount of work completed.
Component Level Retention
Override retention for a contract component. The Override Retention will apply to any invoices a Subcontractor submits.
Last Published Wednesday, July 10, 2024