Sub Contract Maximum Retention Value
In one of our customer’s subcontracts, there is maximum retention amount is specified as USD 98920.04 initially. In the valuations, they have gone up to this maximum retention value and even after that, there were several subcontracts valuations raised. In the previous valuation, they have released a part of the retention value only.
After that, the customer has raised a sub-contract valuation for work done in which they have not released anything beyond the previously released value. But the valuation has calculated a further retention amount, but that has exceeded the specified maximum retention value.
Due to this they have changed the maximum retention as USD 110527.8. But they have got an error saying below:
The customer also have a changed the retention rates (final and interim retention rates) were previously it was recorded as 5% Final retention and 10% Interim Retention which was later changed to only 20% Interim Retention.
If you have come across any scenario like this, kindly let us know.