For each contract you create you have the option to set the type of security you want to apply. Depending on the type of security you choose it will affect how payment claims are generated and how much is automatically withheld on the claim.
Contract Securities Options Available
Options | Description |
|---|---|
None | None applied. |
Original Contract Sum | Retention is based on the original contract amount. |
Adjusted Contract Sum | Retention is based on the original contract amount plus all approved variations. |
Bank Guarantee | If selected you'll be able to enter the percentage guaranteed and report on the milestone dates |
Practical Completion released % | Percentage of retained sum for Practical completion. |
Final Completion released | Percentage of retained sum for Final completion. |
Retention fund | If selected a percentage of payment is withheld from certified claims. |
Retention per claim | The percentage of the claim that is withheld. |
To Max | The upper limit of the retention fund as expressed as a percentage of the contract. |
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