Rethinking Retainage: The Quest for Greater Efficiency in Construction Management

ARTICLE -- Retainage, a common financial practice meant to guarantee the quality and completion of a contractor's work, is often burdened by outdated manual management techniques that pose significant challenges for construction companies and project-based organizations.

Construction Retention - Alleviating Disputes over Retention Releases

ARTICLE -- One key challenge that construction companies face is construction retention, disputes explicitly over retention releases. These conflicts can critically impact timelines, budgets, and profitability. 62% of firms identified retention release disputes as a significant hurdle in 2023.

Top 4 Challenges in Retainage Management for 2023

ARTICLE -- Managing retainage with manual processes can be challenging and time-consuming for construction companies, especially those with multiple projects. 50+% struggle and nearly a third reported that it takes 2-3 days to reconcile retainage amounts.