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Retention money is not a guarantee but holding 10 % from every progressive bill till the completion of the scope of work until take over certificate wherein 5 % is being released and balance 5 % shall be released either at the end of Defects liability period against Bank gaurantee as per Defects Liabaility clauses.
Retention is taken only from subcontractors and not from suppliers engaged in that perticular projects.The main purpose is to ensure that each subcontractor works with their respective works without damaging other subcontractor works or equpments etc. which if proven can be recovered from the defualter subcontractor.For instance science student keep retention money to use lab so that while using if they accidently or intenetionally damage using instruments or other can be recovered from their retention money.Retention money is just holding money and does not need bank gaurantee is manadatory.
Performance bond means bank guarantee for the subcontractor for their performance of their scope of work related to them as follows.
1.complying to 100 % specification
2.Timely completion of his scope of work
3.successful testing by 3rd party like fire testing ,u value testing mech. testing etc
4.The product should stand in its performance till defects liability period
5.The performance in brief is for product,installation,quality and timely completion and all related tests.
If you are professional subcontractor all above bond shall not be in action as those cow boy sub contractor aspiring to take big projects inspite of knowing their own small capacity shall always be sceptic on such bond for misuse by main contractor.
You may contact me at abdulmunim@emirates.net.ae
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