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Retainage is a percentage of each payment that the owner withholds from the contractor, and the contractor from its subcontractors, until the work is complete and accepted. It protects the owner if defects or unfinished work turn up before final payment.
Retainage typically ranges from 5% to 10% of the contract value, depending on the project type and regional practice. Public projects in California, for example, cap it at 5%, while private projects allow more flexibility.
Enter the retainage percentage from your contract on line 5, calculating it separately for completed work (5a) and stored materials (5b). Line 6 is the total earned less retainage. Our AIA G702 guide walks through every line.
Late release often leads to disputes. In some states, prompt payment laws impose penalties when retainage is held past the deadline.
No, it depends on the contract. On public projects, statutes often set whether retainage applies and how much can be held.
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