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Simple English definitions for legal terms

retained fund

Read a random definition: ad rimandam veritatem

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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15:27
cant spell windy without WIN
jackfrost11770
15:27
"Please consider our invitation to stay on the waitlist." stfu
15:27
'you are welcome to stand outside the party venue in the event other guests decide to leave early'
i also haven't gotten any r's which feels a little weird
do we think vandy is releasing more or ppl are just seeing the email?
[] starfishies
15:32
reddit is quiet with vandy a's so i just think theyre late updates personally
holy Penn WL, logged off for 1 hr and shit popped off
any good news?
15:34
I dodged every wave today 🔥
honestly kind of impressive
15:34
A lot of Columbia As tho
15:34
Isn’t it like 5 schools that did both A and WL
15:34
Maybe they shredded my shit
dude, we're stats twins what the fuck
I didn't even know
choosingpeace
15:35
yall im conflicted
lilypadfrog
15:35
wow you guys are soulmates
choosingpeace
15:35
ppl r saying philly sucks
15:35
Lmaooo I’ve been stalking you since october
choosingpeace
15:35
but ive never been there - can someone tell me if they liked it there 😭
lilypadfrog
15:36
found out my stats twin on here went to middle school with me
15:36
Wrf
Honestly, I might put a Chi R on my app page since I withdrew due to missed II waves
is that crazy or does that ruin the data?
choosingpeace
15:36
don't do that
lilypadfrog
15:36
I would mark just that you withdrew it
o shi ok
it just feels like I left before the WL or R, feels fake as hell. I guess I'll put withdraw on it
choosingpeace
15:37
anyone been to the city of philly plzzz tell me what ur experience was like
cumsock
15:37
@choosingpeace: Philly doesn’t stink whoever said that is dumb
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