% of Subcontract
This field is only enabled when setting up maximum retention as a percentage of the contract.
Enter the percent of the subcontract amount that is subject to retention. The percentage specified here will be used in conjunction with the Total Original Subcontract amount or Total Current Subcontract amount (if including change orders in maximum retention) to determine the maximum retention amount.
Total Original: $550,000
Total Current: $675,000
Maximum Retention Amount
% of Subcontract: 50%
Max Amt by % (Include Chg Orders box unchecked): $275,000 (550,000 x .50)
Max Amt by % (Include Chg Orders box checked): $337,500 (675,000 x .50)
The system will allow retainage to be withheld until the maximum amount (in this example, $275,000 or $337,500) is reached; once this limit is reached, the system will no longer continue withholding retainage for the subcontract.
Setting maximum retention amounts