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Retention Money.

Discuss anything to do with property law - buying, selling property

Retention Money.

Postby Moor » Tue Dec 06, 2016 10:22 pm

We are only a small company and have retention held for over 14 months is there a time limit that a company can hold retention money.
Moor
 
Posts: 51
Joined: Sat Feb 01, 2014 12:44 am

Retention Money.

Postby Jayden » Thu Dec 08, 2016 1:46 pm

We are only a small company and have retention held for over 14 months is there a time limit that a company can hold retention money.
Jayden
 
Posts: 53
Joined: Fri Jan 03, 2014 3:56 pm

Retention Money.

Postby Sceapleigh » Mon Dec 12, 2016 6:52 am

This would depend on the terms of your contract.  Most standard form contracts state that half the retention is due on completion and the other half after the defects notification period.  If your contract is silent, the money would have to be held until the contract comes to a close.
Sceapleigh
 
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Joined: Sun Mar 09, 2014 8:54 am


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