Sunday, December 4, 2016

Retention-Final Account

Retention (රදවා ගැනීමේ මුදල) ~ Final Account

The employer shall retain from each payment due to the proportion stated in the contract data. Subject to the limit of retention stated in the contract data.

On completion of the whole of the work’s 1st half the total amount retained shall be repayed to the contractor and 2nd half when the defect. liability period has passed and the Engineer has certified that all defects notified by the Engineer to the contractor before the end of this period have corrected.

As an alternative upone the issue of the certificate of completion the contractor may submit & unconditional on demand guarantee acceptable to the employer to a value equal to the 2nd half of the retention money, and valid up to 28 day’s beyond the end of the defect liability period on recpt of such guarantee the employer shall repay the 2nd half of the retention money.
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