Sentence examples for retainage from inspiring English sources

The word 'retainage' is correct and can be used in written English, specifically in the context of business, finance, and construction.
Retainage refers to a portion of a contract's total value that is withheld by the client or customer until the work is completed to their satisfaction. This retainer amount serves as a form of security or collateral for the client, ensuring that the contractor or service provider fulfills their obligations. Example: The construction company agreed to a 5% retainage on the total project value, to be released upon satisfactory completion of the building.