holdback

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holdback

Retainage; amounts withheld from payment until certain goals have been reached.

Example: A lender holds back funding the balance of a loan until stabilized occupancy has been reached, or a homeowner holds back the final 10 percent of a construction contract price until after completion of all inspections.

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If annual renewal, the procedure for drawing a new holdback under the conditions of this article.
Deposits and Guarantees required: A holdback of 5% will be applied to each installment, the tax on value added at the date of signing of the contract is included.
Accordance with the law n A 71-584 of 16 July 1971 designed to regulate holdbacks on contracts of work defined by Article 1779-3 A of the Civil Code, a licensee may provide a joint and several guarantee replacing the application of the holdback