US Legal Forms
Release of Retainage Request

Release of Retainage Request

Name: Release of Retainage Request
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.83 (222 reviews)

Category:

Construction - Contracts

State:

Multi-State

Control #:

US-CC-0001

Format:

Instant download

Description

The principal contractor makes a request to the property owner for release of all or part of the contract retainage being held for a project. Contractor represents that the portion of the work which was the subject of the retainage per the contract. Release of Retain age Request is a document used to request the release of funds that are held in retain age. Retain age is a common practice in the construction industry whereby a portion of the contract price is withheld by the owner until the project is completed and inspected. The purpose of retain age is to ensure that the contractor completes the project and meets the quality requirements. The Release of Retain age Request is used to document the completion of the project and request the release of the remaining funds. There are two types of Release of Retain age Request: Partial Release and Final Release. A Partial Release is typically used when a portion of the contract work is completed and the contractor is requesting the release of retain age for that portion of the work. A Final Release is typically used when the entire project is completed and the contractor is requesting the release of the remaining retain age.

Release of Retain age Request is a document used to request the release of funds that are held in retain age. Retain age is a common practice in the construction industry whereby a portion of the contract price is withheld by the owner until the project is completed and inspected. The purpose of retain age is to ensure that the contractor completes the project and meets the quality requirements. The Release of Retain age Request is used to document the completion of the project and request the release of the remaining funds. There are two types of Release of Retain age Request: Partial Release and Final Release. A Partial Release is typically used when a portion of the contract work is completed and the contractor is requesting the release of retain age for that portion of the work. A Final Release is typically used when the entire project is completed and the contractor is requesting the release of the remaining retain age.

View Objection - 54th Judicial Court - Family Division

View this form

View Objection And Request For Hearing

View this form

View Parenting Time Affidavit

View this form

View Parenting Time Support Abatement Request

View this form

View Request For Telephone Hearing

View this form

How to fill out Release Of Retainage Request?

If you’re searching for a way to appropriately complete the Release of Retainage Request without hiring a lawyer, then you’re just in the right spot. US Legal Forms has proven itself as the most extensive and reputable library of official templates for every private and business scenario. Every piece of paperwork you find on our online service is designed in accordance with federal and state laws, so you can be sure that your documents are in order.

Adhere to these straightforward instructions on how to acquire the ready-to-use Release of Retainage Request:

Ensure the document you see on the page meets your legal situation and state laws by checking its text description or looking through the Preview mode.
Enter the form title in the Search tab on the top of the page and select your state from the list to locate an alternative template in case of any inconsistencies.
Repeat with the content verification and click Buy now when you are confident with the paperwork compliance with all the demands.
Log in to your account and click Download. Create an account with the service and choose the subscription plan if you still don’t have one.
Use your credit card or the PayPal option to purchase your US Legal Forms subscription. The document will be available to download right after.
Decide in what format you want to save your Release of Retainage Request and download it by clicking the appropriate button.
Upload your template to an online editor to fill out and sign it rapidly or print it out to prepare your paper copy manually.

Another wonderful thing about US Legal Forms is that you never lose the paperwork you purchased - you can find any of your downloaded templates in the My Forms tab of your profile any time you need it.

Form Rating

4.83

Satisfied(222)

Form popularity

FAQ

When a contractor wins a bid for a large construction project, some of the money immediately goes to fund the start of the project. A construction retention payment (also called retainage) is the amount of money held back until the project is complete. Retainage is usually a percentage of the total project cost.

Sub: Regarding release of retention money Dear Sir, With reference to ourcontract no. 1234 related to ?Museum Building Construction?. Since the project has now been completed, we request you to release the retention money that was paid against the order no.

What is Retainage? Retainage is the withholding of a portion of the funds that are due to a contractor or subcontractor until the construction project is finished. It is meant to serve as a financial incentive and an assurance that the contractor will complete the project in a satisfactory manner.

Retention is the customary practice of withholding of monies to cover defects and incomplete work due from the payer to the payee in construction contracts that are deducted from stage payments during the construction phase and then released when the project is completed.

Typically, the first half of the retention is paid when the project is completed, whereas the second half is paid following the expiration of the defects liability period.

A standard definition of retention money is a percentage of money that an employer or an individual holds as protection from incomplete or inaccurate work done by the hired contractor.

What are Retention Payments? Retention payments are a percentage of milestone payments owed to a subcontractor or vendor. They are withheld pending full practical completion and resolution of any defects.

Retention is security held by a procuring contractor to guarantee the performance of a suppling contractor and in particular to safeguard against defects in the event that the supplying contractor fails to satisfactorily rectify them.

More info

RELEASE OF RETAINAGE REQUEST The undersigned is an authorized agent for the principal contractor named above. Release of Retainage.Owner's release of retainage shall not constitute acceptance of Work that fails to conform to the Contract Documents. , of the contractor's retainage at this time. Generally, the owner or GC should release the retainage payment within a set period after your work is substantially complete. Retainage is commonly withheld until the end of a construction project overall, rather than the completion of a particular contractor's work. Enter a currency amount for the material retainage that you are requesting to be released this period. In the Total Retention Released column, enter the total amount of work retention being requested for release on the line item. For example, in California, retainage on private projects must be released within 45 days of "date of completion. The best protection for all parties to a bonded contract is to not allow the early release of retainage on a bonded project.

Release of Retainage Request

Description

Related forms

How to fill out Release Of Retainage Request?

Show more info

Form Rating

Form popularity

FAQ

How does retention payment work?

How do I request a retention money release?

What is a retainage agreement?

What is retention release?

When should retention be released?

What is the meaning of retention amount?

What does retention mean in billing?

What does retention mean in contracting?

More info

Trusted and secure by over 3 million people of the world’s leading companies