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) |
imported>Doug Williamson (Add link.) |
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'' | ''Trade finance - major project contracting.'' | ||
Retention bonds are a type of performance bond, used as an alternative to retention monies. | Retention bonds are a type of performance bond, used as an alternative to retention monies. | ||
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The value of the bond will usually reduce after completion has been certified. | The value of the bond will usually reduce after completion has been certified. | ||
Also known as a ''retention money guarantee'', or a ''retention guarantee''. | |||
==See also== | ==See also== | ||
*[[Bond]] | *[[Bond]] | ||
*[[Performance bond]] | *[[Contract]] | ||
*[[Guarantee]] | |||
* [[Performance bond]] | |||
* [[Performance guarantee]] | |||
*[[Retention]] | *[[Retention]] | ||
*[[Retention of title]] | *[[Retention of title]] | ||
*[[Retention ratio]] | *[[Retention ratio]] | ||
*[[Trade finance]] | |||
[[Category:Trade_finance]] | [[Category:Trade_finance]] | ||
Latest revision as of 19:27, 4 March 2023
Trade finance - 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.
Also known as a retention money guarantee, or a retention guarantee.
