Setting Up Contract Level Retention on a Project

To set up contract level retention on a project:

  1. From the GC Project Information section of the Project Settings page, select the Contract option from the Project Retention Mode drop-down menu.

    Once selected, the Retention Settings section displays contract level retention fields for Subcontractors.

    Note: The Project Retention Mode applies to all subcontracts on a project. It cannot be changed once a subcontract is created or a draw initiated.

  2. In the GC Project Information section, enter retention values.

    Subcontractors do not need to reflect the values given under the GC Project Information section.

    1. (Optional) Select the Automatically release retention to automatically release retention held each time the contract value reaches a new retention rate trigger. The retention release occurs in the draw following the time the contract reaches the retention trigger threshold.
    2. Enter the initial retention rate.
    3. Enter the percentage of the contract that must be completed to trigger the second retention rate.
    4. Enter the retention rate to be enforced after the contract reaches the trigger.
    5. Enter the percentage of the contract that must be completed to trigger the third retention rate.
    6. Enter the retention rate to be enforced after the contract reaches this second trigger.

      For example:  The completed stepped retention statement for a contract with an Original Contract Value of 10,000,000 might say—

      Retain 15% (a) until contract reaches 50% (b) complete then hold 10% (c) until contract reaches 10% (d) then hold 5% (e).

      Note: If you choose to enter a Contract value for % complete, change orders will not automatically update the value. If you leave the Contract value for % complete blank, the Contract Sum to Date is used to calculate retention, including any change orders.

  3. In the Retention Settings section, enter retention values to use for Subcontractors.

    These settings apply as the default for manually created subcontracts. Imported subcontracts may override the retention rule created in this section.

    1. (Optional) Select the Automatically release retention to automatically release retention held each time the contract value reaches a new retention rate trigger. The retention release occurs in the draw following the time the contract reaches the retention trigger threshold.
    2. Enter the initial retention rate.
    3. Enter the percentage of the contract that must be completed to trigger the second retention rate.
    4. Enter the retention rate to be enforced after the contract reaches the trigger.
    5. Enter the percentage of the contract that must be completed to trigger the third retention rate.
    6. Enter the retention rate to be enforced after the contract reaches this second trigger.