Question: Jan decides to include a clause in the contract that says 20% of the contract amount will be retained for a period of 3 months

Jan decides to include a clause in the contract that says 20% of the contract amount will be retained for a period of 3 months or until the procurement agreement has been fully and sufficiently performed. This type of clause is referred to as a: 1) Payment holdback 2) Withholding clause 3) Umbrella insurance 4) Milestone based payment

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