NM CID GF-5 Practice Questions - New Mexico CID GF-5 Recreation Areas Contractor Examination Exam

Retainage on a municipal park contract is best described as:

A bonus paid if the contractor finishes early A percentage of earned progress payments withheld until substantial or final completion to secure completion and correction of the work The contractor's profit margin The bid bond amount

Correct Answer:

A percentage of earned progress payments withheld until substantial or final completion to secure completion and correction of the work

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