The Construction Contract Admin Blog of StatsLog Software
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Contract Administration is a complex business. Each day you’re managing requests from contractors, emails from consultants, and issuing reports to clients, not to mention visiting the site to ensure everything is going according to plan. These are just some of the tasks that make contract admin professionals an invaluable part of every construction project. So why not highlight your skill set?
Holdback, retainage, and withholding are all terms used to describe monies withheld from the Contractor by the Owner. In Ontario, holdback is legislated as a percentage of the progress of work, and is intended to protect employees on a project site.
Many contracts also include special funds, and I have given them a different name to avoid confusion. In Canada I tend to use the term retainage for sums that are withheld at the discretion of the owner or consultant. Retainage (or non-legislated holdback amounts) are typically lump sums used to cover the costs of deficiencies, or for the remediation of unaccepted work.