Track the retention money they're holding back, and when you get it.
For sub-contractors and small firms on jobs where 3% or 5% is withheld until after completion. Work out the amount, the release dates, and whether they're in breach.
Sound familiar?
- “The main contractor is holding back part of every payment and you are not sure when you get it.”
- “You do not know how much retention should be held or when it is released.”
- “You finished the job months ago and your retention still has not been paid.”
What this tool does
Calculates the retention held per job, the expected release date at practical completion, the second release at the end of the defects period, and flags any amount that's past due.
Industry standard is 3-5%. Default is 5%.
Typically 12 months.
What the law actually says
- •Retention is not set by statute - it is governed by your building contract, commonly JBCC or GCC. It is money held back (often around 5 to 10 percent) to cover defects, with half typically released at practical completion and the balance at the end of the defects liability period. Check your contract for the exact figures and dates, and chase the release in writing if it is overdue.