FIDIC 2017 · FIDIC 1.1.69
Retention Money
The sums the Employer keeps back from interim payments. Half is released after the Taking-Over Certificate and the rest when the Defects Notification Period ends.
“the accumulated retention moneys which the Employer retains” (FIDIC 1.1.69)
On the Aldermere project
Aldermere's Red Book retention is 5%, with Retention Money limited to GBP 252,000.
Where you meet it
- Module 3: Getting paidNEC4 vs FIDIC 2017