Setting Up Contract Level Retention on a New Subcontract

By default, the stepped retention values are carried over from the Project Settings page, but can be changed on the Contract Maintenance page.

To set up contract level retention on a new subcontract:

  1. From the Project Settings page, select the Contract option from the Project Retention Mode drop-down menu and complete all required retention fields.
  2. Create the General Contractor Schedule of Values (SoV).

    To prevent the subcontract from auto-completing, create at least two items in the General Contractor SoV.

  3. Create a new subcontract. See topic Creating Subcontracts Manually.
  4. Enter contract retention information.
    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).

  5. Select the Save button.

    A Status page confirms the contract has been created. The Subcontractor must accept or decline the subcontract to participate on the project.