Setting Up a Retainage Rule for an Advanced Contract Billing Contract

Access the Retainage Rules Table Revisions form.

Costs

Select to calculate the retainage amount associated with this rule for cost billing lines that are set up for the contract. Cost billing line types include labor burden, time and material, unit price, lump sum, component, milestone, progress, cost plus, and applied burden.

Fees

Select to calculate the retainage amount that is associated with this rule for all fee billing lines that are set up for the contract.

Award Fees

Select to calculate the retainage amount that is associated with this rule for all award fee billing lines that are set up for the contract.

Cumulative

Select to calculate the retainage amount using the prior associated invoice amounts and retained amounts, along with the current associated invoice amounts. If you do not select this check box, the system calculates the retainage amount using the current associated invoice amounts only.

Percent Complete Source

Select the source amount for the system to use as the percent complete in the retainage calculation. Values are:

Schedule of Values: Use the schedule of values amount for the percent complete in the retainage calculation.

Funded Amount: Use the funded amounts that are set up for the contract for the percent complete in the retainage calculation.

Awarded Amount: Use the awarded amounts that are set up for the contract for the percent complete in the retainage calculation.

The system stores values for this field in user defined code (UDC) table 52G/PC. These values are hard-coded.

Percent Retainage

Enter the retainage rate. Enter the percentage as a whole number. For example, enter 10.5 to express a retainage rate of 10.5 percent.

Percent Complete

Enter the percentage of the source amount until which the system calculates retainage.