In a hypothetical private-contract payment exercise, 10% of the entire approved $89,750 change order is stipulated to be withheld. What is the holdback?
Correct Answer
D) $8,975
89,750 × 0.10 = $8,975. The net after this holdback would be $80,775. The 10% is supplied for this exercise, not a statement of a Florida public-project limit.
Why This Is the Correct Answer
89,750 × 0.10 = $8,975. The net after this holdback would be $80,775. The 10% is supplied for this exercise, not a statement of a Florida public-project limit.
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