Back to glossary

Retention

Procurement glossary
Get the latest updates

Stay ahead of the curve with our latest content

Subscribe to our newsletter and get fresh insights every month

What is retention?

A contractual practice in which a predetermined portion of payment is withheld from the contractor until the project or a specific phase is fully completed and approved. The retained amount serves as a safeguard to ensure the contractor fulfills all obligations and delivers work that meets agreed standards. The contract clearly states how much money will be held and when it will be released.

See how Precoro can help with Retention

See how Precoro fits into your team's workflows

A personalized demo, built around your team’s challenges, led by experts who understand what matters.

Employee photo Employee photo Employee photo Employee photo Employee photo Employee photo
By submitting your information, you agree to our Terms of Service and Privacy Policy.