JCT DB16: Should the first half of retention be released immediately following the issue of a practical completion statement, or should this be done in response to the next application by the Contractor following the same monthly cycle as any other interim payment.
2 Likes
That would be through the Interim Payment process, as a percentage of the total amount (or proportion thereof) included in the Gross Valuation; see clause 4.18.2.1.
Mind you that the clause does not mention the Practical Completion Statement, but “…where the Works as a whole have reached practical completion…”, so effectively you could have half the Retention released before the statement if this is being delayed for whatever reason.
2 Likes