CE Mock up exam question - retainage

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Chieh-Ting Chuang

July 24, 2023 04:29

 

Hello!

I was working on this question in the mock up exam and I am a bit confused on the calculation.

To my understanding, the payment for this period should be "this period" minus "retainage". Is that correct? If so, the calculation of "this period" should already contain retainage so why add again?

 

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  Blane Hammerlund July 24, 2023 19:13

  The question says, if 90% of the work is completed then the Retainer can be released (which is the case for the site work or line item 1). So it is the monthly charge plus the charge for the materials currently stored plus the Retainer for the site work because the site work is at 90%. The sum of those 3 things gives you the correct answer.

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  Russ Montenero July 30, 2023 01:51 (Edited July 30, 2023 01:55)

  I often see in the A101 that retainage is not held for site work nor stored materials/offsite stored materials, but it must be made clear in the 101 to do so. 

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  Akram Tawfic August 12, 2023 07:48

  Adding the total completed and the balance to finish

  you'll get the scheduled value, so you can easily notice that retainage subtract 

  and if you need to complete form G-702 you'll get deduct the retainage value of item 1

  that form it correct in comply with form G-702 yet the question is confusing and the answer too 

  could someone help me to recognize and connect the numbers here?

   

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