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LSDefine

Simple English definitions for legal terms

holdback

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A quick definition of holdback:

Term: HOLDBACK

Definition: A holdback is when a part of the payment for a job is kept back until the job is completely finished. This is done to make sure that the person doing the job finishes it properly. The rules for the holdback are written in the contract. It helps the person paying to feel secure that the job will be done right, and it gives the person doing the job a reason to finish it on time.

A more thorough explanation:

Definition: Holdback is an amount of money that is kept back from the full payment of a contract until the other party completes some obligation. This is usually done to ensure that a contractor finishes the work agreed upon beforehand. The terms of a holdback are typically expressed in the contract. The holdback gives the contractor an incentive to finish the work, and the other party security that the work will be completed.

Example 1: A homeowner hires a contractor to renovate their kitchen. The contract states that 10% of the total payment will be held back until the contractor completes all the work. This ensures that the contractor finishes the job as agreed upon and to the homeowner's satisfaction.

Example 2: A company hires a software developer to create a new program. The contract states that 20% of the total payment will be held back until the developer fixes any bugs or issues that arise within the first month of the program's release. This ensures that the developer creates a high-quality program that works properly.

These examples illustrate how holdbacks work in contracts. By withholding a portion of the payment until the work is completed or meets certain standards, the other party has a guarantee that the work will be done properly. This also gives the contractor or developer an incentive to complete the work to the best of their ability.

hold | holder for value

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Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
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i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
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Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
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it doesn't hurt its just tingly
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19:27
try stretching it maybe to see what's up
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windyMagician
19:27
I'm sober lol
Dkk
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Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
BulbasaurNoLikeCardio
7:51
@texaslawhopefully: best prices and only fast food that doesn't make me sick
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