Retainage Withheld and Net Payment (AIA G702/G703)
Retention this period = work x retainage rate, net payment = work - retention, cumulative = prior + this. $100,000 draw at 10% withholds $10,000 (net $90,000), cumulative $50,000 on $40,000 prior; a 5% job withholds $5,000. Retainage is earned money held until acceptance; the contract and certified payment govern.
Formula and source
retention_this = work x rate%; net_payment = work - retention_this; cumulative = prior + retention_this.
The retainage withholding and net-payment computation on an AIA G702/G703 progress application, by name.
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