retainage

retainage (ri-tayn-ij). A percentage of what a landowner pays a contractor, withheld until the construction has been satisfactorily completed and all mechanic’s liens are released or have expired. — Also termed retained fund. [Cases: Contracts 214, 221(3). C.J.S. Contracts §§ 356, 578–579, 584.]

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词条贡献者

双语律师Denise，知名法学院国际私法专业，擅长翻译各类与国际争议解决相关的法律文件。