What Is Retainage in Construction? A Complete Guide for Contractors & Project Owners

Introduction to Retainage in Construction What Is Retainage? Retainage, also known as retention, is a common feature in construction payment terms. It involves withholding a specific percentage (typically 5% to 10%) of each progress payment due to a contractor or subcontractor until the project reaches substantial or final completion. This held amount acts as a […]

Mastering Construction Accounting: Key Principles, Tools & Emerging Trends for 2024

The construction industry is dynamic, project-based, and subject to complex financial requirements that differ significantly from those of traditional businesses. Construction accounting addresses these unique challenges, offering firms the tools they need to manage cash flow, stay compliant, and maintain profitability. As we dive into 2024, it’s more critical than ever for contractors to embrace […]