Release Retention

Explanation

Use this activity to release the retention accumulated on a contract. To apply for the payment of retention, the amount to be released should be entered on the application itself.

When releasing the retention, it is the interim retention that should be released first and the final retention at last; and the retention to be released is the sum of the interim and final retention. When releasing the retention, the interim retention is released as long as not all interim retention has been released. If the retention to be released is more than the interim retention, it will be the final retention released.

If the contract is completed, an interim retention will be released automatically when submitting the application.

Prerequisites

• The application must be in the Planned status.
• If the final retention should be released, the amount of retention to release must be higher than or equal to the total cumulated retention.
• If only the interim retention should be released, the amount of retention to release must be less than or equal to the total cumulated interim retention.

System Effects

The retention will be released and included in the total application amount.

Window

Application for Payment

Related Window Descriptions

Application for Payment/General

Procedure

1. Open the Application for Payment window and click the General tab.
2. Select the Release Interim Retention or Release Final Retention check box in the Retention area.
3. Notice that the amount to be released is added by default to the total accumulated retention on the contract in the Retention Released field.
4. Modify the value in the Retention Released field with the correct amount if needed.
5. Save the information.

Note: When submitting the application, the released retention will be a part of the application amount.