Set Retainage Preferences for a Payment Requisition

Contents

1. In the Project View, expand a project, expand the Contract Information folder, and click Payment Requisitions.
2. Open in Edit mode the payment requisition for which you want to set retainage preferences.
3. Click the Requisition Summary tab to specify calculations for the requisition.

Using the Requisition Summary and Schedule of Values tabs, you can enter retainage values in one of the following three ways:

• If you select the Enter Total Retainage in the Requisitions Summary option in the Cost Options Dialog Box for the contract, enter the total retainage amount in the Total Retainage field in the Requisitions Summary section.
• If you select either % of Completed Work or % of Stored Materials in the Cost Options Dialog Box for the contract, enter summary percentages for Completed and Stored Materials on the Requisition Summary tab and have Contract Management calculate the total retainage.
• On the Schedule of Values tab (Column I), if you select Enter Total Retainage in the Requisition Summary in the Cost Options Dialog Box for the contract, enter the retainage for each line item if the retainage percentages vary among line items.

  Note: If you use line item retainage, you should consider setting the preference for Set New Line Item %. This sets the percentage for all new line items added to the requisition.