Retention, how do I recover any I am owed?
Retention is a common term used in construction and represents monies which are entitled to be collected once due. Retention is money held as a safeguarding mechanism against, for example, defects which may develop and the contractor may fail to remedy.
Retention can be often considered one of the most contentious issues within our industry, since construction is one of the only industries that legally allows for the deduction of monies due – a somewhat unique (but not popular) situation, after all retentions are levied against work already undertaken.
At Kenzie Group we provide both an immediate recovery for historic and current accounts, as well as ongoing management service for your retentions if required.
We can, therefore, manage all (or some) of your retentions, after the point of practical completion.
We can take care of the administration of retentions, initially this involves (if required) conducting an audit of your business in order to identify the value of outstanding retentions. There is no fuss or action required by you as we can extract all the relevant data from files such as contracts and payment certificates in order to build up a detailed retentions picture which includes not only the level of retentions, but through credit checking, the feasibility of their recovery.
For more information please contact one of the specialist consultants at Kenzie Group, or email us at firstname.lastname@example.org.