How to Release Retainage
Releasing retainage, whether partial or full, is a vital part of the construction payment process. Follow these steps to efficiently release retainage in Rabbet and ensure smooth payment processing.
Step 1: Upload the Pay Application
The most effective way to request a retainage release is by uploading the pay application that specifies your request. This document should clearly outline whether you're requesting a partial or full release of retainage. Make sure to enter the applicable totals for the current period, including the value of work completed and stored materials.
Step 2: Enter Retainage Totals in Rabbet
When the retainage totals are entered or parsed into Rabbet, the system will automatically adjust the "retainage this period" field based on the updated values. This ensures the correct amount is calculated for release.
Example 1: Partial Release If your retainage to date has decreased from $1,000 to $500, Rabbet will automatically update the retainage this period to -$500. This reflects a partial release of $500, leaving $500 retained.
Example 2: Full Release If you are releasing the entire retainage amount, enter $0 in the "retainage to date" field. Rabbet will then update the retainage this period to reflect the full release, showing -$1,000 for a complete retainage release.
Step 3: Submit and Verify
After entering all necessary data, submit the pay application through Rabbet. Ensure that all information is accurate and follows the project’s guidelines. Double-check the totals and retainage amounts to avoid any delays in processing.
By following these steps, you can successfully manage both partial and full retainage releases in Rabbet, ensuring accurate payments and smooth project progress.