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LSDefine

Simple English definitions for legal terms

holdback

Read a random definition: réméré

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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WorthlessAttractiveZombie
14:35
@EvolBunny: I will take the odds of 4, very promising
14:38
I'm too drunk to taste this chicken
Dkk
14:38
Lol, I suck I guess. @babycat
14:40
suck what? (:
Dkk
14:42
suck at predicting
14:43
boooooo
1a2b3c4d26z
14:45
hi guys
1a2b3c4d26z
14:45
how is everyone doing this fine friday
1a2b3c4d26z
14:46
Tonight im going to go for a run and lift some weights and then eat some dinner (probably a burrito) and then I'm going to watch a scary movie with my girlfriend (probably Longlegs). I'm so excited :)
1a2b3c4d26z
14:46
What is everyone else doing tonight
1a2b3c4d26z
14:47
Besides YM of course
14:47
Yoooo I’m a lifter too
14:47
I'm all good, I'm tipsy in Zanzibar finishing an app and laughing my ass off to this:
babycat
14:48
renard what are you drinking?
BulbasaurNoLikeCardio
14:50
Feeling like sad drinking tonight, wife accidentally tossed out my truck keys and those are expensive as fuck to replace. The crappiest part is that the key chain had the "remove before flight" tab from my first aircraft's rocket pods overseas from 6 years ago. Then find out people fucked around and back dated reports at work making me look like a shit bag so I am working later tonight and missing range time which is my weekly relax/me time. Add in my sleep meds stopped working, so I am thinking vodka (so I stay skinny and hot) and pizza by the fireplace kind of friday.
1a2b3c4d26z
14:51
Renard if you're not drinking margs Im gonna throw hands
14:51
Was at a restaurant and they decided to have me try something called "Double Kick" free of charge, it's like a sugar cane liquor with pineapple flavor
1a2b3c4d26z
14:51
missing range time :(
1a2b3c4d26z
14:52
That sounds good renard but unfortunately I'll still have to throw hands
Tonight I’m Having a date with this guy who asked me out couple times
BulbasaurNoLikeCardio
14:54
What made you give in and go out after he asked a couple times?
Other failed dates
babycat
14:55
That’ll do it
Question, how many of u would sleep on first date
babycat
14:57
honestly my answer is it depends
babycat
14:57
there has to be a very specific vibe to make me want to do that. not like a regular date
babycat
14:59
and sometimes you want to and you still don’t do ir
babycat
14:59
it
babycat
15:00
but I don’t use dating apps so all my first dates are with people I’ve already met in some context, which it sounds like is your situation too
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