retainage

Definition

Money earned by a contractor but not paid to the contractor until the completion of construction or at other agreed-upon stages or dates.

Use retainage in a sentence

There would be retainage involved, which meant that the money would only be paid after the job was done and everyone approved.

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The contracted work on my house was complete, but the payment date specified in the contract left me holding retainage for my contractor.

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If you are planning to hire a contractor to do work on your property, you may be required to pay a retainage fee which would be paid upon the completion of his work.

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retain retained cash flow (RCP)