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It is the part of each payment that is held back until the project is completed and approved. Normally 5 to 10 percent. It protects the client and it affects the contractor’s cash flow. See https://planyard.com/blog/what-is-retention-in-construction for the full walk through.
Most UK contracts show retention on the valuation or on the payment certificate. That is the right point to log it.
Yes. If retention is part of the same project finance workflow as contracts, POs, invoices and valuations then both directions can be shown together. Start here: https://planyard.com/construction-cost-management-software.
No. Keep valuing work the way your client wants it. Just make sure the retention line lands in a system that reminds you when to claim or release it.
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