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+--- Thread: mobilization money (/showthread.php?tid=9666)
mobilization money - karim99 - 03-22-2011
any one have the data about mobilization of money and retention money
- moniacca - 04-05-2011
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by karim99</i>
<br />any one have the data about mobilization of money and retention money
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
It depends on the situation, but generally, mobilization money is money that given as advances, and retention money is the money that is held back that would otherwise be paid, until the other party performs some service or task.
For example, in the construction business, it is common that a series of payments is made over time, with the caveat that the last 10% of the payments (for example) is withheld until the job is complete. This way, the contractor can pay his costs during construction, but obviously doesn't get the entire amount until the job is done.
I hope my reply can help you
Comments are appreciated.
- Excel - 06-14-2011
I agree and also to add that, retention money is the amount of the money to be held for sake of any claims arising after completing or handing over the construction project. ( for 1 or more years)
So as per agreement, percentage is fixed for retention money and its approximately 2% or may be more of original contract price.