RETAINAGE
retainage (ri-tayn-ij). A percentage of what a landowner pays a contractor, withheld until the construction has been satisfactorily completed and all mechanic’s liens are released or have expired. ¡ª Also termed retained fund. [Cases: Contracts 214, 221(3). C.J.S. Contracts ¡ì¡ì 356, 578¨C579, 584.]
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