Payapps already shows you how much retainage has been withheld on your contracts via the contract summary screen, but now you can also clearly see how much retainage is relevant for unapproved pay apps. These new changes make it a whole lot easier to apply for retainage release.
Within the pay app details screen, you will now see a Retainage tab. If you click on this tab it will show you a summary of the maximum retainage applicable in your contract, the amount previously withheld, as well as any previous retainage releases.
You can clearly see how much retainage will be withheld from the current pay app. In addition to this, when you reach the minimum percentage of completion to be able to claim your first retainage release, we’ll prompt you so you remember to apply for it.
Part of our new layout includes how much retainage has previously been released, so if you have to submit pay apps in your defect liability period, or if you have staged retainage releases, you will always have clarity on what the maximum retainage value is, what has already been released and how much you still have owing to you.
When you are ready to submit your pay app you’ll still get the simple summary of how much retainage will be withheld (or released) from your pay app, but if you click on the ‘Expanded View’ button you’ll also see a separate line showing the total calculation as well as how much has been released.