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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RECOGNIZE or RECOGNITION is the recording of a revenue or expense item in a given accounting period.

MEMO ENTRY is supplemental or explanatory information on a reporting schedule. It is used for clarification of sometimes complex entries.

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