As per Contract costing the entire payment is not made immediately It is paid after architect rsquo ...........

Costing - Phase (I & II) Methods of Costing

As per Contract costing, the entire payment is not made immediately. It is paid after architect’s certificate. The amount not paid is termed as-

Reserved money

Retention money

Loss money

Advance money

छोटे Courses बड़े Results

Master Methods of Costing

Prepare through Micro-courses

Try Now

Explanation:

Retention money is an amount held back from a payment made under a construction contract.It is generally held to ensure that a contractor performs all of its obligations under the contract, and is then released either on practical completion or after the end of a defects notification period.