A portion of a payment for construction work which is withheld from the contractor until the work is satisfactorily completed; the practice of withholding such a payment.
Origin
Early 20th century; earliest use found in Northwestern Reporter. From retain + -age.
Definition of retainage in US English:
retainage
nounrɪˈteɪnɪdʒ
US
A portion of a payment for construction work which is withheld from the contractor until the work is satisfactorily completed; the practice of withholding such a payment.
Origin
Early 20th century; earliest use found in Northwestern Reporter. From retain + -age.