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Thread: Retention

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    Administrator admin's Avatar
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    Default Retention

    drywallschool.com

    Universally accepted in the building trade the same as CITB, PAYE and MCD, pay packet deductions are unliked and loathed on a par with having your pockets picked.

    Whats the deal? Is it just another way of craftily swiping some of your profit, or making sure the job's done right and you will return to fix any defects. Most main contractors always figure a way not to pay you after the contracted time period, don't they? .... or am I wrong?

    Whats an acceptable rate of retention and what are your views on the subject?


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    VIP TonyM's Avatar
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    If they want to take retention, then my rate goes up by that amount. If you don't get it, it doesn't matter. If you do, it's a bonus.

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    Season ticket holder amestaper's Avatar
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    Any more than 5% and I'm not interested. Same as Tony, I know what my regular clients take and the price is adjusted accordingly. If they don't take a retention of course I give it back, .........yeah right I do!!
    Been doing this job 16 years and I've still to get one back yet, just another stealth tax.
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    Im cool with 2.5% and its already added into any price just in case

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    Most of the work we do is with a 5% retention which i invoice 3 months after the contract is completed.Pain at the time but nice when the payment comes in.

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    Angry

    Quote Originally Posted by turrican_007 View Post
    Most of the work we do is with a 5% retention which i invoice 3 months after the contract is completed.Pain at the time but nice when the payment comes in.
    yes im the same, but the job im on at moment, he stabbed us in the back ,by getting other tapers on our job to put some of our work right, not much, instead of asking us to go back into area for a couple of hours .instead of using retention he already has stopped he took it out of our wages we were picking up that week, now work is slow, he wont pay retention back, is he allowed to do that

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    Season ticket holder amestaper's Avatar
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    You see it all wolfy. I usually have a walkthrough with the client to make sure they're happy before payment & I would be pissed if I never got the chance to fix a job I was accused of making an arse of. I'm sure some contractors have a name for this underhand technique they use.

    A couple of guys I know had a similar experience. They had retention kept back, the builder got other guys in to complete the work cheaper than the due balance and then he pocketed the difference. Got my fingers burned with a backstabber in January and learnt an expensive lesson.
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