retainage

noun
re·​tain·​age | \ ri-ˈtā-nij \

Legal Definition of retainage

: a percentage of a contract price retained from a contractor as assurance that subcontractors will be paid and that the job will be completed

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Cite this Entry

“Retainage.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/retainage. Accessed 24 Jul. 2021.

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