Definitions for "RETAINAGE"
A portion of contractor's earned funds withheld from each progress payment until the project is complete. 5 to 10% is a common amount withheld, and is used as leverage to insure that the work is indeed completed under contract.
The amount of payment withheld from contractors or subcontractors per contractual agreement to ensure final and satisfactory completion of a job.
The portion of the payment due to a contractor or equipment builder that is withheld until final inspection and acceptance of the work. Also called a holdback.
Natural gas kept by a utility or pipeline to recover "lost" or unaccounted for natural gas.