Manage retention-related requirements with a digital retention money bond.
A retention money bond is a surety bond that allows a contractor to receive retained money from the project owner before the end of the retention period. In many construction contracts, the obligee retains a percentage of the payment as security against defects. A retention money bond enables the contractor to access this money earlier by providing a bond as security instead.
Retention money bonds are used when a contractor wants to release retention money that is being held back by the project owner during the defect liability period. This improves the contractor cash flow position and is common in construction, infrastructure, and EPC contracts where retention amounts can be significant.
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