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LSDefine

Simple English definitions for legal terms

retained fund

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A quick definition of retained fund:

Retained Fund: A retained fund is money that is held back or kept by someone as a form of security. It is also known as retainage. For example, if you hire a contractor to do some work for you, you may hold back a portion of the payment until the work is completed to your satisfaction. This is called a retained fund. It ensures that the contractor will complete the work properly and on time. Once the work is completed, the retained fund is released to the contractor.

A more thorough explanation:

Definition: A retained fund is a sum of money that is held back or withheld by a client or customer from a contractor or supplier until the completion of a project or delivery of goods or services. This is also known as retainage.

Example: A construction company is hired to build a new office building for a client. The client agrees to pay the construction company $1 million for the project, but withholds 10% ($100,000) as a retained fund until the project is completed. Once the project is finished and the client is satisfied with the work, the retained fund is released to the construction company.

Explanation: The example illustrates how a retained fund works in the context of a construction project. The client holds back a portion of the payment as a guarantee that the construction company will complete the project to their satisfaction. This ensures that the construction company has an incentive to complete the project on time and to the required standard. Once the project is completed, the retained fund is released to the construction company as a final payment.

retail installment sale | retaliatory tariff

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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
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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