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Retainage
Retainage is a portion of the agreed upon contract price deliberately withheld until the work is complete to assure that the contractor or subcontractor will satisfy its obligations and complete a construction project. A retention is money withheld by one party in a contract to act as security against incomplete or defective works. They have their origin in the Railway Mania of the 1840s but are now common across the industry, featuring in the majority of construction contracts. A typical retention rate is 5% of which half is released at completion and half at the end of the defects liability period (often 12 months later). There has been criticism of the practice for leading to uncertainty on payment dates, increasing tensions between parties and putting monies at risk in cases of insolvency. There have been several proposals to replace the practice with alternative systems. History and purpose The practice of retainage dates back to the construction of the United Kingdom railway ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Railway Mania
Railway Mania was a stock market bubble in the rail transportation industry of the United Kingdom of Great Britain and Ireland in the 1840s. It followed a common pattern: as the price of railway shares increased, speculators invested more money, which further increased the price of railway shares, until the share price collapsed. The mania reached its zenith in 1846, when 263 Acts of Parliament for setting up new railway companies were passed, with the proposed routes totalling . About a third of the railways authorised were never built—the companies either collapsed because of poor financial planning, were bought out by larger competitors before they could build their line, or turned out to be fraudulent enterprises to channel investors' money into other businesses. Causes The world's first recognizably modern inter-city railway, the Liverpool and Manchester Railway (the L&M), opened in 1830 and proved to be successful for transporting both passengers and freight. In t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Enterprise Act 2016
Enterprise (or the archaic spelling Enterprize) may refer to: Business and economics Brands and enterprises * Enterprise GP Holdings, an energy holding company * Enterprise plc, a UK civil engineering and maintenance company * Enterprise Productions, an American film production company that operated from 1946 to 1949 * Enterprise Products, a natural gas and crude oil pipeline company * Enterprise Records, a record label * Enterprise Rent-A-Car, a car rental Provider **Enterprise Holdings Enterprise Holdings, Inc. (doing business as Enterprise Mobility) is an American private holding company headquartered in Clayton, Missouri, in Greater St. Louis. It is the parent company of car rental agencies Enterprise Rent-A-Car, Nationa ..., the parent company * The Enterprise Studios, a Burbank, California music recording studio General * Business, economic activity done by a businessperson * Big business, larger corporation commonly called "enterprise" in business jargon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
