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:
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 Are Some Excuses for Making a Late Payment?
A: Typical excuses for making a late payment include forgetting to make the payment, waiting to receive payment from a client or employer, not having the mone... 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:
Can MetroPCS Payments Be Made With a Money Order?
A: MetroPCS accepts money orders as payment at any authorized retail location, bill payment center or U.S. Postal Service office. According to the June 2015 r... Full Answer >Filed Under:
You May Also Like
-
Q:
What Does Suze Orman Say About Structured Settlement Annuities?
-
Q:
How Do You Compare the CD Rates From Local Banks?
-
Q:
What Is the Importance of Computers in the Banking Industry?
-
Q:
What Is an ACH Transfer?
-
Q:
Can One Check a NetSpend Balance on a Mobile Phone?
-
Q:
How Do You Make Online Payments to Baltimore Gas and Electric for Home Accounts?
