Defining a Retainage Rule
Access the Retainage Rules Table Revisions form.
- Retainage Rule and Description
Enter a code and associated description to identify the retainage rule.
- 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.
- 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 this contract.
- Percent Retainage
Specify retainage rate for the contract. The rate is a percentage that is expressed as a whole number. For example, you enter a retainage rate of 10.5 percent as 10.5.
- Percent Complete
Specify the percentage of the total job or project that is complete.
If you leave this field blank, the system applies the retainage until the contract is 100 percent complete.