Retainage calculator
Enter what you billed and the retainage percentage. See how much is held back until closeout, and what is actually payable to you now.
The held-back $10,000.00 is released at closeout. Track it so it does not get forgotten.
How retainage works
Retainage is a slice of each payment, usually 5 to 10 percent, that the owner or general contractor holds back until the job is substantially complete. It is real money you have earned but cannot collect yet, and it is one of the most commonly forgotten balances at closeout. Tracking what is held from you, with the expected release date, is the difference between collecting all of it and leaving some behind.
FAQ
- How is retainage calculated?
- Multiply the amount billed by the retainage percentage. For example, 10 percent retainage on a $100,000 billing is $10,000 withheld, leaving $90,000 payable now.
- What is a typical retainage percentage?
- Most contracts withhold 5 to 10 percent until the project is substantially complete.
- When do I get the retainage back?
- At substantial completion or final acceptance, after punch-list work and any required documents are done.
Learn more: What is retainage in construction.
Track every retainage dollar automatically.
Keystone keeps a retainage ledger for money held from you and money you hold from subs, with release dates.
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