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CERTIFICATE FOR PARTIAL RELEASE OF RETAINAGE COMMONWEALTH OF M ASSACHUSETTS DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT This form should originate with the Architect Contractor Owner Phone Fax Development No Housing Authority Period Ending FISH No THE PARTIES AGREE THAT THE STATUS OF THE CONTRACT IS AS FOLLOWS I.

How to fill out partial release of retainage

How to fill out a partial release of retainage:

1. Begin by obtaining the necessary form or document for the partial release of retainage. This may be provided by the party holding the retainage, such as the owner or general contractor.
2. Carefully review the form and instructions to ensure you understand the requirements and conditions for releasing the retainage. This may include specific milestones or completion criteria that need to be met.
3. Fill in the requested information on the form, such as the project name, contract number, and date of partial release. Make sure to provide accurate and up-to-date details to avoid any delays or complications.
4. Specify the amount of retainage being released in the appropriate section of the form. This could be a percentage or a specific dollar amount. Ensure that the amount corresponds to the agreed-upon terms and is supported by the project's progress.
5. Include any necessary supporting documentation with the form. This may include invoices, payment certificates, or completion reports that demonstrate the work performed and justify the partial release of retainage. Make sure to organize and label these documents properly.
6. Review the form and attachments for completeness and accuracy before submitting them. Double-check all entries and calculations to minimize errors and potential disputes.

Who needs a partial release of retainage?

1. Contractors and subcontractors: If you have been working on a construction project and a portion of your payment has been withheld as retainage, you may need a partial release to access some of the funds before the final completion of the project.
2. Vendors and suppliers: If you have provided goods or materials for a construction project and retainage has been withheld from your payment, you may require a partial release to receive a portion of the retained funds.
3. Other parties involved in the project: Depending on the contractual agreements and specific circumstances, architects, engineers, consultants, or other professionals may also seek a partial release of retainage.

Note: The specific parties who need a partial release of retainage may vary depending on the terms of the contract and the roles played in the project. It is essential to consult the contract and communicate with relevant stakeholders to determine the eligibility and requirements for a partial release.

People Also Ask about

Why is retainage important?

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 is retainage and what is its purpose How is it calculated?

Put simply, retainage in construction is a percentage that's held back from the earnings of a contractor or subcontractor during the length of a project. The specific amount is specified in the construction contract and is usually anywhere from 5 to 10 percent of each progress payment, depending on the type of project.

Why do owners insist in retainage?

Retainage serves two general purposes: To provide an incentive to the contractor or subcontractor to complete the project. To give the owner some protection against problems like liens, contractual defaults, delays,etc.

What is retainage release?

Retainage is a percentage of the contract amount that is held until a specific date after the completion of the work. You release retainage by creating a voucher pay item with a Pay Status of A (Available to Pay) for the amount that you want to release. The retainage amount is also referred to as holdback.

What is the purpose of retainage?

Retainage, also referred to as a “hold back,” helps the owner ensure a contractor sufficiently completes the project, and that the work meets with their approval and terms of the contract. It also provides a financial incentive for the contractor to see the project through to its successful finish.

What does 5% retainage mean?

Retainage, also called retention, is an amount withheld from the contractor until a later date. It's fairly common, especially on commercial and public construction projects, and typically ranges from 5 - 10% of the total contract price.

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What is partial release of retainage?

A partial release of retainage is a legal document that allows a contractor or a subcontractor to receive a portion of the funds that have been withheld from them as retainage for completed work, while still maintaining some retainage for future work or items that may need resolution.

Who is required to file partial release of retainage?

Typically, contractors or subcontractors who have completed a portion of their work on a project and are seeking to be compensated for that work, while still holding back some retainage for future obligations, are required to file a partial release of retainage.

How to fill out partial release of retainage?

To fill out a partial release of retainage, one must provide details such as the project name, contract number, the amount of retainage being released, a description of the work completed, and the information of the parties involved (contractor, owner, etc.). It may also require signatures from relevant parties.

What is the purpose of partial release of retainage?

The purpose of a partial release of retainage is to facilitate cash flow for contractors and subcontractors by allowing them to receive payment for completed work, while still ensuring that funds are withheld for any potential issues that might arise in the project.

What information must be reported on partial release of retainage?

The information that must be reported on a partial release of retainage includes the project name and location, the names of the contractor and owner, the retainage amount being released, the original contract amount, the percentage of retainage being held back, a description of the work completed, and signatures of the involved parties.