Maximum retention is a value. You apply the retention percentage to the value of work done (both contract works and variation) in interim payment until that value is reached.
Khwchan8882019-01-31 06:48:55
If like you said, the retention maximum is changed to a percentage then you have to find out how to apply that percentage. For example if the retention percentage is 5% as stated then you need to know what value to apply that stated 5%. Your question is unclear. If like a lot normal situation the contract states “retention maximum 5% of Contract Sum to the nearest thousand” then the retention limit will be 5% of the Contract Sum rounded to the nearest thousand dollars. In your example, the limit is 1Mx5% equals 50k, if that is the case. Thus you need to be sure what the Contract says.
傻貓2019-01-31 07:09:24
開頭見到有人答 limit of retention會隨著VO而adjust都嚇左一跳, 但係問過其他人又話原來佢果間 Main Con 對 Sub Con的limit of retention真係會因VO而adjust, 所以上面話會變其實又錯唔晒, 真係睇合約點寫