Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

holdback

Read a random definition: derivative possession

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
LSD+ is ad-free, with DMs, discounts, case briefs & more.