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27 May, 00:55

Why does the owner want to withhold retainage on pay applications?

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  1. 27 May, 01:20
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    Answer: The owner want to withhold retainage on pay applications because many contractors pass down the owner's right to withhold retainage to the subcontractor.

    Explanation:

    Retainage is agreed part of contract price that is deliberately withheld until the work has been completed to a significant extent to make sure that contractor or subcontractor will satisfy its aloted work and complete the project on time.

    Retainage has been in practice since a long time. It was used in construction of the United Kingdom railway system in 1840s.

    If one needs to impose retainage on a construction project, then it should be clearly mentioned in the contract.

    Retainage is applicable on both subcontracts and prime contracts.
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