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retention?

  • 23-06-2015 4:47pm
    #1
    stickybookmark
    Closed Accounts Posts: 1,186 ✭✭✭


    Construction starting next week - gulp - so will probably be on here alot with questions, sorry! builder has agreed to 2% retention. i understand this means i hold 2% of each stage payment back each time. what should i do with this money? where does it go do i just keep it in my personal account ?


Comments

  • #2
    beanie10
    Closed Accounts Posts: 466 ✭✭beanie10


    You should keep it in a separate account. If you are happy with the build after all snags are complete then you should pay the builder his 2%. If you keep money in a separate account then it's safe until construction is finished.
    What terms did you agree. Do you pay retention on practical completion or 12 months after?


  • #3
    Kevhog1988
    Registered Users, Registered Users 2 Posts: 4,175 ✭✭✭Kevhog1988


    They will re-invoice you for the retention amount when this becomes due. I do maintenance work and the companys hold 5% for two years after we have completed.


  • #4
    stickybookmark
    Closed Accounts Posts: 1,186 ✭✭✭stickybookmark


    beanie10 wrote: »
    You should keep it in a separate account. If you are happy with the build after all snags are complete then you should pay the builder his 2%. If you keep money in a separate account then it's safe until construction is finished.
    What terms did you agree. Do you pay retention on practical completion or 12 months after?

    Just double checked terms there. It's 5% retention per stage reducing to 2.5% on practical completition held for a period of 12 months. I'll keep it in a separate account so, cheers!


  • #5
    Kevhog1988
    Registered Users, Registered Users 2 Posts: 4,175 ✭✭✭Kevhog1988


    stickybookmark wrote: »
    Just double checked terms there. It's 5% retention per stage reducing to 2.5% on practical completition held for a period of 12 months. I'll keep it in a separate account so, cheers!

    What form of contract are you using??


  • #6
    stickybookmark
    Closed Accounts Posts: 1,186 ✭✭✭stickybookmark


    This one.
    We've decided not to count section 2.5 'Late finishing' as we live abroad so the builder doesn't want to include it.
    Tbh I'm happy to omit it as it's probably more likely we'll run out of money by Christmas than that there's any issue with the builder I'd say!


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