How Much Is 10% Retainage on a $60,000 Contract?
Retainage held at 10%
$6,000.00
10% retainage, shown at 100% completion so the figure is the full amount held by the end of the job.
How that number is worked out
These are the figures this page was built with and every line the calculator produces from them. Change anything above and all of it moves.
- Contract amount60000 $
- Retainage10 %
- Work completed to date100 %
- Already paid to you0 $
Payable on this application$54,000.00
| Contract amount | $60,000.00 |
|---|---|
| Work completed | 100% |
| Earned to date | $60,000.00 |
| Retainage held at 10% | $6,000.00 |
| Less already paid | $0.00 |
| Due on this application | $54,000.00 |
| Retainage held at completion | $6,000.00chase this at closeout |
Work completed compared
Retainage accumulates as the work does, so each progress application leaves a little more of your own money behind.
| Work completed | Payable on this application | Retainage held at 10% | Due on this application |
|---|---|---|---|
| 25% | $13,500.00 | $1,500.00 | $13,500.00 |
| 50% | $27,000.00 | $3,000.00 | $27,000.00 |
| 75% | $40,500.00 | $4,500.00 | $40,500.00 |
| 100% | $54,000.00 | $6,000.00 | $54,000.00 |
What else matters here
Ten percent of $60,000 is $6,000 held and $54,000 paid through the job.
As a subcontractor you will eventually be told that the general cannot release your retainage because the owner has not released theirs. That is sometimes true and it is always checkable. Ask three questions in writing: has the owner released retainage on this project, on what date, and what is outstanding on your scope specifically.
The answers matter because the flow down clause in the subcontract decides whether the general is allowed to wait. If it ties your release to the owner's release, the general is within the contract and the useful pressure is on closing out your scope so nothing is attributable to you. If it does not, your release is due on your own completion and the owner's position is not your problem. Either way the question is answered by reading the subcontract, not by the phone call.
What this calculator assumes
- Retainage is money you have earned that is held back until the job closes out. It is not a discount and it is not a deposit.
- Most states cap retainage on public work, commonly at 5 or 10 percent, and several require it to be released or reduced at substantial completion. Private contracts are freer and often worse.
- Retainage is usually the last money a contractor sees and the first thing forgotten at closeout. Track it separately from the invoice balance.
Questions people ask
How much is 10 percent retainage on a $60,000 contract?
$6,000 held and $54,000 payable across the job, with the $6,000 released at closeout.
Can a general contractor hold my retainage until the owner pays?
Only if the subcontract says so. A flow down clause tying your release to the owner's release makes it lawful, and without one your release follows your own completion.
What should I ask when told the owner has not released retainage?
Whether the owner has released it, on what date, and what remains outstanding on your scope. Ask in writing, and read the flow down clause before accepting the answer.
The retainage calculator takes any dimensions you like and hands back the same list.