Whether you are half way through a project, or you are processing your final accounts, WebContractor provides an easy way to hold, track, and release retention. This article will outline the step's you'll need to take when submitting an application for payment that will include retention release.
Creating an application for retention release
To start, you'll need to start raising a new application for payment:
If you're just apply for retention release, and not any works done, then you can leave the tasks breakdown as it is so that the amount this application for each row reads as zero:
We recommend making it clear in the application reference field that you would like the contractor QS to release retention for the payment of this application. We also advise that you should upload a document substantiating and making it clear that retention release is owed for this application:
You'll then be ready to click the sign and submit button to send the application to the contractor to review.
If you're applying for works done as well as for retention release, you'll need to enter any works done in the tasks breakdown - although please note, you don't need to include the retention amount you are trying to get released in your application.
In the example breakdown below, the subcontractor is applying for £187.50 on new works only, and retention can be released by the contractor in the subsequent payment in addition to any new works done.
How does the contractor release retention
To help demonstrate how retention will be released when the contractor reviews your application, let's take a look at what the contractor see's:
When a contractor certifies your application, they can see how much retention they've held to date (highlighted in blue), and enter an amount to release in the field highlighted in orange, and added to the gross payment field (highlighted in red).
Checking how much retention has been held by the contractor
You can find out how much retention has been held to date by checking the most recent payment certificate on your subcontract order. On your subcontract order's page, go to the payment certificates tab:
In our example, we only have 1 payment certificate, but as you will likely have several from over the course of your project, you'll need to make sure you click into the most recent payment certificate. To do this you may need to check both the 'Current' and 'Completed' sub-tabs:
In the payment certificate, there is a breakdown of both the payment for that individual payment certificate, and the cumulative amounts for the order. Here you will see both how much retention has been held back by the contractor (highlighted in red) and how much has been released to date (highlighted in blue):
