Which percentage represents the deficiency holdback amount after the second progress payment?
Understand the Problem
The question is asking about the percentage that represents the deficiency holdback amount after the second progress payment. This involves understanding the context of progress payments in a financial or contractual setting.
Answer
10%
The deficiency holdback amount after the second progress payment is typically 10% in the construction industry.
Answer for screen readers
The deficiency holdback amount after the second progress payment is typically 10% in the construction industry.
More Information
In the construction industry, a holdback percentage, often 10%, is retained from progress payments to ensure completion of the project and to address any deficiencies.
Tips
Mistakes can occur when calculating percentages incorrectly or confusing holdback with retainage terms.
Sources
- Lecture 7: Progress Payments in Construction - Quizgecko - quizgecko.com
- Retainage: How It Works and Best Practices - Procore - procore.com
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