Q:
What is retention money?
A:
Quick Answer
Retention money, according to BusinessDictionary.com, is payment for a service that is withheld until the completion of a condition, usually until all conditions are met by the buyer. For example, a manufacturing company can withhold money from a supplier until all machines are installed and working properly.
Continue ReadingFull Answer
AccountingDictionary.org states that retention money is a part of a charge for work done by a contractor that is not paid until a period of time after the work is completed. This period allows for deductions to be made if the work proves to be poor. The withholding of payment can also act as an incentive for the work to be completed properly.
Learn more about Personal BankingRelated Questions
-
Q:
What are some different ways to transfer money?
A: Individuals can transfer money electronically by using a bank-to-bank transfer or an online payment tool. They can also send money from one account to anot... Full Answer >Filed Under: -
Q:
What online services does Equiant Consumer Center offer?
A: Among many the services that Equiant offers, its online services include automatic payment processing, money transfers between bank accounts and access to ... Full Answer >Filed Under: -
Q:
How does a 24-hour money transfer work?
A: Money transfers are typically performed through a wire transfer company for a fee, and the sender chooses a payment option online or in a branch, and once ... Full Answer >Filed Under: -
Q:
What is an ACH payment?
A: An ACH payment is an electronic payment created when a customer transfers money from one account to another electronically; it is facilitated by the Automa... Full Answer >Filed Under:
