Retention, 1st edition, RICS guidance note (March 2012)
Published March 2012
This guidance note introduces the subject by looking at the general principles of retention, including areas such as law; reasons for introduction within a contract; levels of retention, and how amounts are deducted, certified or released.
The guidance note then focuses on how the standard forms of contract deal with the issue. A list of the contracts reviewed is included within the table of contents.
The guidance note reviews methods and limits of deduction, inclusion of the retention amount to be included within the contract, release and set off against sums held.
This guidance note concludes with a review of common issues including areas such as commonly occurring problems; financing; insolvency, and defects rectification.
Guidance is given for each of the main groups of contracts and the forms in most regular use within those groups, under the following headings, which map to the Assessment of Professional Competence (APC): General principles (Level 1 - Knowing), Practical application (Level 2 - Doing), Practical considerations (Level 3 - Doing/Advising).
This is part of RICS' Black Book, which is a collection of technical practice documents that covers all processes throughout the construction project life cycle. The documents are essential development tools for junior professionals working through their APC and useful guides to best practice for more experienced professionals.
A project is currently underway to review and update the Black Book content with the aim of producing a comprehensive new edition. Expected to publish in 2025, the new Black Book will comprise an overarching global professional standard, accompanied by practical guidance material.
- File type: PDF
- Size: 916.59 KB
Your download should start automatically;
if it doesn't please click below.
In some browsers you may need to click the security bar at the top or bottom of the screen and select to download the file.
To manually start the file download, use the link below.