The project is complete, well done! However, the contract may specify that the project owner will retain a portion of the contract funds to be sure that the contractor will fulfill any outstanding obligations during the defects’ liability period. Well! You (the contractor) may need to access these funds to clear outstanding payments, or the project owner may want to close their accounting books and therefore not comfortable remaining with funds that are due to another party
You (contractor) will provide a retention guarantee from Finance Trust Bank which the project owner will keep in order to release your funds, well assured that you will make good for any defects that may arise during the defects’ liability period.
Please contact Finance Trust Bank to obtain retention money guarantees through our flexible collateral arrangements.
Benefits:
Requirements: