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retainage
Retainage is a portion of the agreed upon contract price deliberately withheld until the work is substantially complete to assure that contractor or subcontractor will satisfy its obligations and complete a construction project.〔''A-C Construction, Inc. v. Bakke Corp.'', ("956 P.2d 219" ), 226 (Or. Ct. App. 1998).〕
== History and Purpose ==
The practice of retainage dates back to the construction of the United Kingdom railway system in the 1840s.〔Dennis C. Bausman, ("Retainage Practice in the Construction Industry" ) 1 (Foundation of the American Subcontractors Association, Inc. 2004).〕 The size of the railway project increased demand for contractors, which led to the entrance of new contractors into the labor market.〔("''Id.''" )〕 These new contractors were inexperienced, unqualified and unable to successfully complete the project.〔("''Id.''" )〕 Consequently, the railway companies began to withhold as much as twenty-percent of contractors' payments to ensure performance and offset completion costs should the contractor default.〔("''Id.''" )〕 The point was to withhold the contractor's profit only, not to make the contractor, and its subcontractors, finance the project.
Given the often large scale, complexity, cost and length of construction projects, the risk of something not going according to plan is almost certain. Accordingly, a common approach contracting parties take in order to mitigate this risk is to include retainage provisions within their agreements. The concept of retainage is unique to the construction industry and attempts to do two things: (1) provide an incentive to the contractor or subcontractor to complete the project; and, (2) protect the owner against any liens, claims or defaults, which may surface as the project nears completion.〔''See e.g.'','' Ridge Sheet Metal Co. v. Morrell'', ("517 A.2d 1133" ) (Md. 1986).〕 Incidentally, and more so now than ever, owners and contractors use retainage as a source of financing for the project, contractors in turn withhold retainage from subcontractors, frequently at a greater percentage than is being withheld from them.〔C. Kelly Skrabak and Heather A. Jones, ''The State of Retainage'', Construction Briefings No. 2005-4, April 2005, at
*2.〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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