Retainage on a progress payment is:
Correct Answer
D) A withheld part of earned payment held under the contract until later release
Retainage is part of earned payment held back under contract terms until later release conditions are met. Other choices confuse it with bonds, taxes, or design contingency.
Why This Is the Correct Answer
Retainage is part of earned payment held back under contract terms until later release conditions are met. Other choices confuse it with bonds, taxes, or design contingency.
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