What is retention fee mean?
Retention Fee means cash payments for Independent Directors (as such term is defined in the American Stock Exchange Company Guide) after three consecutive years of service on the Board.
What is the meaning of retainage?
Retainage is the withholding of a portion of the final payment for a defined period to assure a contractor or subcontractor has finished a construction project completely and correctly.
What does retention mean in legal terms?
2. General retention is the right to withhold or detain the property of another, in respect of any debt which happens to be due by the proprietor to the person who has the custody; or for a general balance of accounts arising on a particular train of employment.
What does less retention mean?
Retention rate is an important metric that calculates the percentage of users who continue using your product or service over a given time period. A high retention rate means your current customers value your product and are providing a sustainable source of revenue. A low retention rate means you have a leaky bucket.
What is a retention fee for construction?
5%
Retention is a percentage (usually up to 5% of the contract sum) of each payment made under a construction contract which is withheld in order to try and ensure that works under the construction contract are completed to the required standard.
What is another word for retainage?
retention, sequestration, restraint, withholding.
What is retention money in construction?
Retention money involves part of a payment under a construction contract that is held back by a payer (for example a contractor) as security to ensure that a payee (for example a subcontractor) fixes any defects with their work. The amount held for retention money is stipulated in the terms of a contract.
What are retention charges in insurance?
A dollar amount specified in a liability insurance policy that must be paid by the insured before the insurance policy will respond to a loss.
Why retention money is kept by contractor?
Retention of money as held by client is a safeguard against defects which may subsequently develop and which the contractor may fail to rectify. It is to ensure that contractor complete the contract within stipulated time and according to the prescribed manner.
How does Retainage work in construction?
Retainage is the withholding of a portion of the funds that are due to a contractor or subcontractor until the construction project is finished. It is meant to serve as a financial incentive and an assurance that the contractor will complete the project in a satisfactory manner.
What’s the difference between a retainer fee and a deposit?
In a definitive sense, a retainer is a fee that is paid in advance in order to hold services (ie. a wedding or event date). While a deposit may also reserve a date, it is returned when the services have been completed. A retainer is by default non-refundable and is not returned.
What is called retention money?
What is retention money? Retention money is an amount held back from a payment made under a construction contract. It is usually a percentage of the amount payable of each instalment.
How does retainage work in construction?
What is another word for retention?
In this page you can discover 21 synonyms, antonyms, idiomatic expressions, and related words for retention, like: reservation, remembrance, retentiveness, withholding, keeping, retentivity, maintenance, recall, preservation, holding and memory.
What is an example of retention in insurance?
For instance, if a car insurance policy has a $1,000 deductible and a loss is valued at $2,500, then the application of retention for that policy would clarify that the policyholder is responsible for payment of the $1,000 deductible. The insurer’s liability would thus be limited to $1,500.
What is the difference between a retention and a deductible?
The answer to the question what’s the difference between a deductible and a self insured retention is that deductibles reduce the amount of insurance available whereas a self insured retention is applied and the limit of insurance is fully available above that amount.