RETAINAGE
Defined in the standard specifications of 2 state transportation agencies. Each definition below is the agency’s own text, with the section it comes from — they do not all say the same thing, and on a contract the difference is the point.
Definitions are quoted from state-authored public specification books. This page carries no I-Code-derived terms.
Alaska · DOT&PF
A percentage of a payment established in advance under a contract or subcontract to be withheld from a progress payment due on the contract or subcontract. Payment or a percentage of payment withheld for unsatisfactory performance is not retainage.
Section 101 — DEFINITIONS AND TERMS →New Mexico · NMDOT
Five percent (5%) of the Total Original Contract Amount as amended by
Section 101 — Abbreviations, Symbols, T erms, and Definitions →