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Release Contract Security (Retention or Bank Guarantee)

Release Contract Security (Retention or Bank Guarantee)

Only Budget, CA Project Admins or Contract Author’s Company can release retentions. For more informationModule Administrators

Release Retention on the Contract

Practical Completion

The contract needs to be in “open” status in order to release retention.

  1. To release retention, respond to the completed contract.

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  1. Tick Practical Completion and fill in date (not mandatory, if left blank you will still be able to release retention).

  2. Tick the Release Retention box.

  3. Submit.

  4. Follow on with:

    1. Release Contract Security (Retention or Bank Guarantee) | Creating the Claim on Behalf of the Contractor/Vendor

    2. Release Contract Security (Retention or Bank Guarantee) | Claim Received from Contractor/Vendor

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Final Completion

  1. To release the final retention amount, respond to the contract.

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  1. Change the retention percentages to zero (0).

  2. Tick Final Completion Achieved and fill in date (not mandatory, if left blank you will still be able to release retention).

  3. Submit.

  4. Follow on with:

    1. Release Contract Security (Retention or Bank Guarantee) | Creating the Claim on Behalf of the Contractor/Vendor

    2. Release Contract Security (Retention or Bank Guarantee) | Claim Received from Contractor/Vendor

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Release Retention on the Claim

Creating the Claim on Behalf of the Contractor/Vendor

  1. Create a Progress Claim

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  1. Change the Status to Submitted.

  2. Address the Collaborators.

  3. Click Submit.

  4. Then follow with Release Contract Security (Retention or Bank Guarantee) | Claim Received from Contractor/Vendor.

Claim Received from Contractor/Vendor

  1. Click on Respond.

  2. Change the Status to Approved.

  3. Select the retention line.

  4. Fill in amount to be released.

  5. Submit

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  1. Once approved you can issue the Progress Payment Certificate

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Release Bank Guarantees on the Contract

Practical Completion

  1. Respond to the Contract.

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  1. Reduce the Bank Guarantee held value.

  2. Tick Practical Completion and fill in date (not mandatory).

  3. Submit.

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Final Completion

  1. Respond to the Contract.

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  1. Change the Bank Guarantee held values to zero (0).

  2. Tick Final Completion Achieved and fill in date (not mandatory).

  3. Submit.

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