Assume this is a $10 million construction project and $8 million, including fees and other markups, worth

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Assume this is a $10 million construction project and $8 million, including fees and other markups, worth of work is in place and has been invoiced. How much retention will have been deducted by the client based upon the following three scenarios?

a. 10% retention rate.

b. 5% retention rate.

c. 10% retention rate until the project is 50% complete and no further retention held thereafter.

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Related Book For answer-question

Cost Accounting And Financial Management For Construction Project Managers

ISBN: 9781138550650

1st Edition

Authors: Len Holm

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Question Posted: Jan 18, 2024 05:01 AM

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Assume this is a $10 million construction project and $8 million, including fees and other markups, worth

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Retention is an amount of money kept by the client to ensure that the contractor rectifies any defec...View the full answer

Cost Accounting And Financial Management For Construction Project Managers

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