What is Retention? Retention is an indispensable thing in the world of development for calculations in this aspect. This calculation has several things that need to be taken into account so that development can proceed without obstacles. For other explanations, let's see the explanation below.

Definition of Retention

Retention is the amount of money withheld that has not been paid in full under certain conditions agreed in the payment contract.

Retention is retained money for which the building is imperfect which must be repaired by several contractors. The amount of cupping retention 95% of contractors who get paid and 5% for those who have already got paid from the project.

That way retention can be called the work that has been done that there is damage from the contractor caused by the user's mistake.

Definition of Retention According to Experts

Retention is one of the amount of money that is being held or not yet paid from a contract to meet agreed conditions. Then the payment contract can be justified by the value of the joints worth 5% from a project contract.

Definition of Retention in Projects

Retention has many meanings from various fields. Retention has the meaning of containment or storage. But many of the terms retention have a specific meaning in the construction aspect. The term appears in various project concepts.

Generally retention is an agreement that occurs between two parties that usually occurs between the employer and the person working on the project.

If it is related to the term retention which means detention, then the agreement will be something to be held in accordance with the conditions and agreements that have been made.

The specific term reteni is the amount of progress billings that cannot be paid or retained until the fulfillment of the conditions specified in the contract to make payments that have been agreed or improved. The value in retention is usually valued 5% from the project value.

So if the construction can be completed by the contractor, then the contractor will pay 95% of the agreed price. While 5% it is detained if there is an imperfect building that has been completed and must be repaired by the contractor.

Usually the job is done in the event of damage caused by the fault of the worker or contractor.

If there is damage caused by an error on the user's user, then retention does not apply. To complete the work charged a fee in accordance with the damage that has occurred.

The retention period usually takes time 3 month to 12 completed month, depending on the existing contract. When the maintenance period is over, the money held will be paid to the contractor.

When the retention period is over then the checklist will be returned to the job that the conductor has already done. When all the work is done, then an official report on the handover will be made at work.

When done this will be continued by signing a news event related to the submission, so the contractor's job has been deemed completed and retention money can be paid immediately.

Retention Rights

The explanation above is a guarantee of retention of a thing that is valuable enough so that there are parties who will have mutual agreement.

With the retention of funds from a party that may be involved With there is a substitute retention rights that are interconnected by giving authority to the substitute rights.

The right of retention can receive a power in holding something that becomes the recipient of the power used to hold something that will be repaid.

In exercising power and rights, retention must be considered

1. When given the power to appoint persons in lieu of such.
2. When empowered not to mention the name of a particular person it will exert power.

The right of retention with substitute rights is a related matter, in the event of an accident, then the retention rights can be free and must be replaced with replacement rights. The right to exercise is exercised when the right to retention is impaired in prosses.

The right of retention is the right of the recipient to withhold something that is the right to authorize, there is a donor who has not paid the grantor made by the grantor. It is also said the right to hold back something, then debts and receivables will continue to be in contact until paid off.

Substitute rights are those rights granted to the beneficiary. So that the recipient of the power of attorney can carry out their duties properly or can also be represented by the rights of the grantor.

The successor's right has the right to be the time when the assignee is given the duty and authority independent of his successor. The beneficiary has a very important role to play in the responsibility of his successor.

How to Manage Retention

Retention can also be processed from various aspects of life to meet agreed needs. Here's how to manage retention:

• Look for the right way so that the project runs well. Look for effective ways so that the project will run well.
• When doing a competitive appraisal the project can be seen clearly.
• Give an example of a company project that will create a cooperative relationship.
• Explain the project and career paths that have been passed.

Benefits of Retention in Projects

• Retention can be used to ensure that the project will be completed with a contractor with agreed conditions.
• Retention can be used as tangible evidence in dealing with contractors whose work standards have not been met or there has been a failure on the project.
• Retention can be used as tangible evidence in dealing with contractors whose work standards have not been met or there has been a failure on the project.

Retention can be used as tangible evidence in dealing with contractors whose work standards have not been met or there has been a failure on the project (100%), Retention can be used as tangible evidence in dealing with contractors whose work standards have not been met or there has been a failure on the project 95% Retention can be used as tangible evidence in dealing with contractors whose work standards have not been met or there has been a failure on the project, Retention can be used as tangible evidence in dealing with contractors whose work standards have not been met or there has been a failure on the project 5% Retention can be used as tangible evidence in dealing with contractors whose work standards have not been met or there has been a failure on the project.

Retention can be used as tangible evidence in dealing with contractors whose work standards have not been met or there has been a failure on the project

Retention can be used as tangible evidence in dealing with contractors whose work standards have not been met or there has been a failure on the project 5% Retention can be used as tangible evidence in dealing with contractors whose work standards have not been met or there has been a failure on the project. 2.000.000.000= Rp. 100,000,000 This value is called the value of the loan

In the event of maintenance damage, then the provider will correct in writing, but if it cannot be fixed, a warning letter is given about the time limit.

If no repairs are made then there is a guarantee that will be disbursed in maintenance. Disbursement of collateral in implementation ii has the purpose of repairs not to be deposited to the state or regional treasury.

Maintenance costs have a value that exceeds the value of maintenance guarantees, the excess costs will be the responsibility of the provider. When the issuer is not ready to liquidate, it will be reported directly to OJK.

Thus an explanation of retention may be useful for you. And can be used as reference material for your reading. Thank you for visiting our website. Also read the article below:

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