CIAP Document 102 - Theory & Concepts - Ciap Document102

A theoretical overview of the General Conditions of Contract for Private Construction in the Philippines, as detailed in CIAP Document 102.

Calculate retention money (typically 10% of progress billings) held until project completion to ensure defect correction.

Progress Billing Amount (PHP) (500000)

Retention Rate (%) (10)

From the progress billing of PHP 500,000, PHP 50,000 is retained, making the net payable amount PHP 450,000.

\begin{aligned} \text{Retention} &= 500000 \times 0.10 = \text{PHP } 50000 \\\\ \text{Payable} &= 500000 - 50000 = \text{PHP } 450000 \end{aligned}

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