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Managing retention in construction and how to get it back
Research carried out in the UK led to an estimation that the total sum retained over the course of a given year is substantial; £3.2 billion – £5.9 billion (Department for Business, Energy & Industrial Strategy BEIS Research Paper 17 ‘Retentions in the Construction Industry’, October 2017). Delays in the release of retention monies at the end of a project can have a massive impact on cash flow for contractors and subcontractors.
There has been a long-standing debate in the UK construction industry as to the future of retention practices, mainly due to the amount of money at stake and the complex nature of managing construction retention / construction retainage.
Download our Retention eGuide for everything you need to know about managing retention:
- What is retention in construction and what’s the purpose of retention money?
- Retention in construction accounting – how does the retention process work?
- The current debate around construction retention
- Retention construction law and how to mitigate the risk of retention payment delays
- The process to follow if payment is not released when expected