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The Joint Committee recommends the following practices as an equitable and uniform requirement relating to retained percentages: ten percent (10%) of each approved estimate shall be retained until final completion and acceptance of all work covered by a contract, provided that, after fifty percent (50%) of the value of the work covered by the contract has been completed, and provided that progress satisfactory to the Architect and/or Engineer has been made in accordance with the terms of the contract, the Architect and/or Engineer shall recommend that any remaining partial payment be paid in full, subject to all other provisions of the contract documents. (Also see Final Acceptance Page D-2.) Reviewed April 1987 Revised January 1976, ACE Joint Committee Recommended Construction Practices Dated 4/30/59 Top of Page | AIA-MBA Home Page | Organization | Drawings & Specifications | Bidding | Contracts | Temporary Services | Bonds, Insurance & Liability | Safety Responsibilities | Release of Liens | Procurement Methods & Supplements | Contact Us |
