Easily calculate and apply retentions against payments. Produce payment certificates automatically.
Easily calculate and apply retentions against payments. Produce payment certificates automatically.
Efficiently manage and track retentions with Mastt's comprehensive payment tools:
Looking Mastt's Payment features? Go here, otherwise learn more about retentions in Mastt below. 👇
A retention is a portion of a payment that is withheld until the completion of a project to ensure that all contractual obligations are met. Retentions are commonly used in the construction industry to provide a financial incentive for contractors to complete the project to the required standards and rectify any issues.
Project Managers are often the contract administrator / superintendent who will receive progress claims from the construction contractor, performing detailed assessments of work completed and applying any retentions, before issuing a Payment Certificate. This process is often aided by cost managers and quantity surveyors, and governed by the Security of Payments Act.
Common challenges we see managing retentions & payments.
❌ Time Consuming: Setting up & maintaining spreadsheets to track progress claims & retention amounts, produce payment certificates, is error prone and time consuming.
❌ Tracking and Monitoring: Keeping track of accumulating retention amounts and release conditions across multiple payments can become overwhelming.
❌ Releasing Retentions: Ensuring timely and accurate release of retentions in accordance with contract terms and conditions.
❌ Incorporating Actuals: Manually integrating or updating actuals from an ERP system or other reports from finance/accounting departments is extremely difficult and boring.
❌ Reporting: Formatting / transposing spreadsheet tables into charts and visualizations for reporting takes a huge amunt of time for an unsatisfactory, out of date result.
❌ Compliance: Ensuring accurate financial reporting and compliance with regulations such as the Security of Payments Act is complex and never certain.
Mastt's intuitive retention management tools simplify your workflow, making it easy to get started today.
🔷 Configure Retentions: Configure retention terms directly within contracts, specifying percentages and release conditions.
🔷 Add Retentions: Record retentions with progress claims, payments, with detailed status control from submitted through to paid.
🔷 Payments & Retention Register: Track all retentions in a single, automated register that updates automatically based on payments.
🔷 Certificate Automations: Instantly generate compliant payment certificates with retentions, eliminating the need for spreadsheets / word manual formatting.
🔷 Attach Documents: Attach key documents and artifacts directly to payments for easy reference of any retention related evidence.
🔷 Retention Release: Manage the release of retentions in accordance with contract terms, ensuring timely and accurate payments.
🔷 Charts and Visualizations: Utilize out-of-the-box charts and visualizations for all payment and retention data.
🔷 Auto Reporting: Automatically generate reports and dashboards from your charts, streamlining your reporting process.
See all Mastt's Payment features here.
Are you a Mastt user? For detailed information about this feature, please visit this Help Page article. You can also explore more articles at help.mastt.com.
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