So what is retention? Retention is security held by a procuring contractor to guarantee the performance of a supplying contractor and in particular to safeguard against defects in the event that the supplying contractor fails to satisfactorily rectify them. The security is usually in the form of cash withheld (retained) but is often substituted for a bank guarantee [...]
In August we did a Blog about a few payment claim disputes, since then there have been another four – and these are just the articles that made the press! Payment claim and contract issues are still a huge problem in our construction industry. Need some more proof?