Dictionary of Procurement Terms

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Search Results: 1-1 of 1 result for “Hold Back”

  • Hold Back

    A public sector regulatory requirement primarily appearing in construction solicitation projects; it is designed to retain a predetermined monetary amount of the full payment or a stated length of time after the project is completed before agency payment is made to the prime contractor to ensure that subcontractors have been paid for their work and materials.

    See Also: Retainage