Track the retention money they're holding back, and when you get it.
For subbies and small firms on jobs where 5% is withheld until after completion. Work out the amount, the release dates, and whether they're in breach.
Sound familiar?
- “There's 5% of every job sitting in someone else's account.”
- “Practical completion came and went and the first release never landed.”
- “They're holding your retention over a snag that was fixed months ago.”
What this tool does
Calculates the retention held per job, the expected release at practical completion, the second release at the end of the defects liability period, and flags any amount that's past due.
Industry standard is 5%, often capped at 5% of the contract sum. Default is 5%.
Typically 12 months.
What the law actually says
- •Retention is a contract mechanism, not a statutory one — what they can hold and when they release it is set by your contract, usually around 5% with half released at practical completion.
- •Security of Payment can be used to claim retention that's due and unpaid, and on bigger projects some states require retention to sit in a trust account.
- •Guidance only, not legal advice — check your contract and your state's rules.