Glossary
Holdback
The percentage of a construction payment withheld until the lien period closes. Releasing it early is how a corporation ends up paying twice for the same work.
Jurisdiction record
What it is called where you are
Ontario
- A 10 percent holdback under the Construction Act.
Florida
- Retainage per the contract, with construction lien law in Chapter 713. Specs/00 records this as one to confirm with counsel.
Product record
Where this shows up in Board Butler
Every term, both jurisdictions
The glossary carries the whole vocabulary a condo or HOA board runs into, with the Ontario and Florida words side by side.