Retention bond: Difference between revisions
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imported>Doug Williamson (Create page. Source: Buildings design wiki https://www.designingbuildings.co.uk/wiki/Retention_in_construction_contracts) |
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Revision as of 20:31, 3 September 2018
Major project contracting.
Retention bonds are a type of performance bond, used as an alternative to retention monies.
When using a retention bond, the client agrees to pay the amounts which would otherwise have been held as retention, and instead a bond is provided to secure the amount that would have been retained.
The value of the bond will usually reduce after completion has been certified.
