14 RETENTION MONEY
This is money retained by the Employer from sums otherwise due to the
Contractor as an additional security for the Contractor ’ s performance.
Retention is effected by making a deduction in an interim payment certifi-
cate or from an interim payment of an amount calculated by applying the
percentage of retention given in the Appendix to Tender (Yellow Book) or
Particular Conditions (Silver) until the amount retained reaches the limit of
retention money (if any) stated in the Appendix to Tender or Particular
Conditions. Typically, 10% retention is provided for until reaching a limit
expressed as 5% of the contract price.
By clause 14.9, one half of the retention monies is to be repaid following
issue of the Taking Over Certificate with the balance payable following expiry
of the Defects Notification Period.