Understanding Retainage, Pay-If-Paid, and Pay-When-Paid in West Virginia
Introduction to Retainage, Pay-If-Paid, and Pay-When-Paid In the construction industry, understanding financial mechanisms is vital for all parties involved. Among these mechanisms, retainage, pay-if-paid, and pay-when-paid are significant terms that can influence cash flow and project completion. Retainage refers to a percentage of a contract’s payment withheld until the project reaches substantial completion. This practice … Read more