Retention is an amount of money usually between 1.5 and 5% of the contract value held back by the main contractor.
This reason retention exists in construction contracts is to provide a fund for the main contractor to use to rectify any defects in work after the contract has been completed.
Typically, half of this fund is released on completion of the works and the second half at the end of the maintenance period which can be over a year after the work was carried out.
We understand that due to the long periods of time between contracts completing and when retention money becomes due and the lengthy process of chasing the money and getting it released, collecting retention money usually appears low on the priority list or can even be forgotten.
After working in the construction industry for over 20 years collecting retention money is a matter of course for our expert team. We can help take the burden from you and take on the collection on your behalf.
Our specialist retention collections team aim to take the hassle out of collecting retention owed to you.
Our no collection no fee commission on retention cases is a standard rate of 10%.