Retainage Withheld and Net Payment (AIA G702/G703)
What is withheld from this draw, what gets paid, and what has piled up so far.
Example
You enter
- Work this period (USD) 100000
- Retainage rate (%) 10
- Prior retained (USD) 40000
You get
- Retention this draw $10000
- Net payment $90000
- Cumulative retention $50000
Details, formula, and sources
Retention this period = work x retainage rate, net payment = work - retention, cumulative = prior + this. $100,000 draw at 10% withholds $10,000 (net $90,000), cumulative $50,000 on $40,000 prior; a 5% job withholds $5,000. Retainage is earned money held until acceptance; the contract and certified payment govern.
retention_this = work x rate%; net_payment = work - retention_this; cumulative = prior + retention_this.
The retainage withholding and net-payment computation on an AIA G702/G703 progress application, by name.
Retainage on a progress draw is a standard published construction-billing computation (AIA G702/G703).
Estimate. AHJ and licensed professional govern.
Field names used by the API: work_this_period_usd, retainage_pct, prior_retained_usd, retention_this, net_payment, cumulative_ret
- Retention retention this period = work x retainage rateAIA G702/G703
- Net and cumulative net = work - retention; cumulative = prior + this periodconstruction billing
- Contract governs release terms, statutory caps, and the certified payment governscope of this tile