Before the retention type can be changed, retainage has to be unlocked by the general contractor (How do I unlock retainage for a subcontractor SOV?).
- Create a new Application for Payment (AFP).
- Click the drop-down arrow on the Retainage Typeand choose from the following:
- Standard Retainage will apply the designated retention rate to each AFP.
- Variable Retainage will allow you to manipulate the retainage held on each individual line item.
- Frozen Retainage will continue to hold retainage that is already held but will not hold more retainage moving forward.
- Lump Sum Retainage is for Non-Integrated clients only. If you want to only hold a certain dollar amount in retainage, as opposed to a certain percentage on a line item. This is good for situations where the General Contractor just wants to hold, for example, $5,000 in retainage for closeouts or punch list but release everything else to the sub.
- Capped Retainage allows you to establish a standard rate for the first 50% of a contract and a different standard rate for the second 50% of a contract.