RETAINAGE Definition

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RETAINAGE, in a construction contract, is the money earned by a contractor but not paid to the contractor until the completion of construction or another predetermined date. The retainage is held back as assurance for the quality of the contractors work.

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MARKET SEGMENT is a group of consumers, within a broader market, that has similar characteristics and needs.

INCOMPETENCE is lack of physical or intellectual ability or qualifications.

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