retenue de réception
English translation: acceptance defect retention money
| GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
|---|---|---|---|---|---|---|
|
| 12:37 Jul 18, 2004 |
| French to English translations [PRO] Construction / Civil Engineering | |||||||
|---|---|---|---|---|---|---|---|
|
| ||||||
|  Selected response from: Bourth (X) Local time: 11:11 | ||||||
Grading comment
| |||||||
| Summary of answers provided | ||||
|---|---|---|---|---|
| 3 +2 | acceptance defect retention money |
| ||
| 3 | (project) completion (retention) fund |
| ||
| 3 | acceptance holdback |
|
Answers
15 mins confidence: 
peer agreement (net): +2
peer agreement (net): +2| retenue de réception acceptance defect retention money Explanation: I'm not familiar with this specific practice, but if it IS money that is deducted from the final payment pending making good, this should get the message across. However, I imagine it is the 5% retention money deducted from every partial payment made during the life of the contract and thus amounting to around 5% of the total contract sum at the time of acceptance. -------------------------------------------------- Note added at 26 mins (2004-07-18 13:03:28 GMT) -------------------------------------------------- Completion notice - A certificate issued by the architect to authorise a payment to a main contractor. The completion certificate establishes the value of retention money to be held over a defects period and a copy can be sent with the VAT claim, to enable this to be processed [www.selfbuildabc.co.uk/self-build-glossary.htm] What are retention amounts? 3. Building and construction contracts commonly provide for a percentage to be retained from each progress payment made to the builder. The amount is retained as security for adequate performance under the contract. These amounts are commonly referred to as retention amounts. 4. A proprietor\'s right to retain amounts from progress payments, and the builder\'s entitlement to release of the retention money is generally outlined in the agreement between the parties. 5. Commonly, a builder will be entitled to release of half of the retention amounts held upon practical completion of the construction, and release of the balance upon expiration of a defects liability period. Most agreements allow the proprietor recourse to the retention monies in the event that the builder is liable to the proprietor for a default under the contract. 6. The builder may default by failing to complete work to a required standard or failing to rectify defects. Retention amounts may therefore be used to offset the liability of the builder. As such the builder may not receive the full amount retained from the progress payments. For example, if a builder fails to rectify certain defects, the proprietor may pay a third party to do so, using part of the retained amounts. [http://www.newcastle-mba.com.au/taxreform/faq/faq2_buildcont...] |
| |||||||||||||||||||
Grading comment
| ||||||||||||||||||||
35 mins confidence:
53 mins confidence:
Login or register (free and only takes a few minutes) to participate in this question. You will also have access to many other tools and opportunities designed for those who have language-related jobs (or are passionate about them). Participation is free and the site has a strict confidentiality policy. KudoZ™ translation helpThe KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.
See also: Search millions of term translations Your current localization setting
English
Select a language Close search
| ||||||||||||||||||||
