Wither monetary retentions for subcontract work? A theoretical framework for rationalising its use

Paper

Abeysekera, Vasantha. 2015. "Wither monetary retentions for subcontract work? A theoretical framework for rationalising its use ." Ahmed, Syed M., Xenidis, Yiannis, Azhar, Salman, Smith, Norma A., Yarris, Cat E. and Campbell, Shaunna (ed.) 8th International Conference on Construction in the 21st Century (CITC-8). Thessaloniki, Greece 27 - 30 May 2015 Greenville, North Carolina, USA.
Paper/Presentation Title

Wither monetary retentions for subcontract work? A theoretical framework for rationalising its use

Presentation TypePaper
Authors
AuthorAbeysekera, Vasantha
EditorsAhmed, Syed M., Xenidis, Yiannis, Azhar, Salman, Smith, Norma A., Yarris, Cat E. and Campbell, Shaunna
Journal or Proceedings TitleProceedings of the 8th International Conference on Construction in the 21st Century (CITC-8)
ERA Conference ID77050
60421
Number of Pages9
Year2015
Place of PublicationGreenville, North Carolina, USA
ISBN9780989462372
Web Address (URL) of Paperhttp://www.citcglobal.com/
Conference/Event8th International Conference on Construction in the 21st Century (CITC-8)
International Conference on Construction in the 21st Century
Event Details
8th International Conference on Construction in the 21st Century (CITC-8)
Parent
International Conference on Construction in the 21st Century
Delivery
In person
Event Date
27 to end of 30 May 2015
Event Location
Thessaloniki, Greece
Event Details
International Conference on Construction in the 21st Century
Abstract

Despite advocacy for and against monetary retentions, it continues to be used unabatedly clouded by paradoxes, problems, and pitfalls. In order to lay the foundation to rationalise its use for subcontract work, a model was developed using three concepts, namely, mortgaging future payments, factoring current progress, and generating a level of safety for contractors. Labelled as the LOS model, it supplements and clarifies the notion of retentions and lays the foundation for a framework for rationalising the use of retentions by focussing on three fundamental issues that need to be understood and resolved, namely, 1. Intrinsic issues focusing on ‘do we need retentions for subcontract work’ 2. Quantum issues focusing on the ‘level of safety’ or comfort available for contractors quantified in dollar terms with retentions rates serving as a threshold level, and 3. Operational issues focussing on implementation. It is expected that this framework labelled as IQO will assists in building theory on monetary retentions in the future furthering our understanding on this seemingly simple yet complex construct.

Keywordsfactoring performance, retentions, monetary retentions, mortgaging payments, subcontracts
ANZSRC Field of Research 2020330202. Building construction management and project planning
Public Notes

Copyright © 2015 by CITC-8, Greenville, North Carolina, USA. All rights reserved. No part of this book may be reproduced in any formor by any means without written permission from the editors.

Byline AffiliationsSchool of Civil Engineering and Surveying
Institution of OriginUniversity of Southern Queensland
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