Retention money

Retention money,

Definition of Retention money:

  1. Payment for a service or product that is withheld pending the completion of some specified condition. For example, when a manufacturing business purchases production machinery from a supplier, they might withhold some percentage of payment due as retention money until the machines are successfully installed and operational.

  2. A sum of money withheld; especially (part) payment for goods or work kept back until such time as a contract is fulfilled to the satisfaction of the payer.

Meaning of Retention money & Retention money Definition