Tag: Retention
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Retention Under the NEC Contract: A Guide for Quantity Surveyors
As a quantity surveyor (QS) in the construction industry, understanding the various contractual nuances is crucial. One such facet is NEC retention, a specific approach employed by the NEC (New Engineering Contract) suite of contracts. This article delves into the intricacies of NEC retention, equipping you with the foundational knowledge necessary to navigate this critical…
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Retention Release Under JCT Contracts
In Joint Contracts Tribunal (JCT) governed construction contracts, retention serves as a security mechanism, allowing the employer to withhold a percentage of the payments due to the contractor until the defects liability period ends. JCT contracts outline specific clauses that dictate the terms of retention and the retention release on completion of the project. Deciphering…