For the preconstruction estimate lock at the retail vestibule replacement, the final punch-list reserve shows a $134,750 remaining contract value. If 7.5% is withheld, what reserve amount should be shown?
Correct Answer
B) $10,106
Retainage equals the approved amount multiplied by the retainage percentage.
Why This Is the Correct Answer
Retainage equals the approved amount multiplied by the retainage percentage.
Why the Other Options Are Wrong
Option A: $13,475
$13,475 is above the supported result for final punch-list reserve; it likely adds scope or money the rule does not allow.
Option C: $124,644
$124,644 is above the supported result for final punch-list reserve; it likely adds scope or money the rule does not allow.
Option D: $1,010,625
$1,010,625 is above the supported result for final punch-list reserve; it likely adds scope or money the rule does not allow.
Memory Technique
Retainage before dollars; approved before balance in Manager Checks.
Reference Hint
Open-book path: tab Principles and Practices of Commercial Construction, 10th Edition to Project cost controls; closeout reserve; verify the construction method, material quantity, equipment use, unit conversion, or field-control calculation.
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