Change the Retainage Rate on a Contract
You can set a different withholding rate which will apply to all future Applications for Payment.
You must have the Curator role on the project in order to change the contract's retainage rate. If needed, see Project User Roles.
Note:
- Changing the retainage rate on a contract does not impact retainage that has been held to date, that is, from previous submissions.
- If you need to reduce the retainage that has been held to date, take the steps in Release Retainage.
- From your Dashboard, select the project and then double-click the applicable contract.
- Among the tabs at the top of the screen, select Retainage.
- On the right-hand side of the screen, select Change contract rate.
- In the Contract rate field, enter the new rate.
- Select Apply rate.
- Select Yes to confirm.
