Change the retainage rate on a per-line-item basis in a contract's Schedule of Values.
You must have the Curator role on the project in order to change a line's retainage rate in the contract's Schedule of Values.
By default, the retainage rate set for the contract applies to all lines. However, you may want to hold a different rate retainage - or none at all - on certain things:
- deposits
- material purchases
- change orders
Note:
- Changing the retainage rate on a SOV line 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.
- In the Retainage Items area, select Change line item rates.
- For each applicable line, enter the new rate.
- Select Apply changes.
- Select Yes to confirm.