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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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JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
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