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What is Retainage in Construction?

Lets Build

Almost every construction professional faces the same problem – cash flow. Large upfront costs and long waiting periods between payments are a normal occurrence; retainage adds to this cash flow problem for contractors and project managers. Retainage in construction defined. Retainage percentages and negotiations.

Cash Flow 147
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Why you need a clear definition of “done” in your projects

Lets Build

When everyone clearly understands what “finished work” looks like, all teams and project stakeholders can easily align their expectations. With standardised rules and practices to qualify “work done”, you avoid delays and minimise mistakes. When is a handover considered successful? Everyone is on the same page.

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Top 2024 AI Construction Trends: According to the Experts

Autodesk Construction Cloud

The construction sector is no exception. According to Deloitte , AI and advanced data analytics technology could bring cost savings of 10% to 15% for construction projects. The impact of artificial intelligence is incredibly profound, which is why AI in the construction market is expected to be worth $151.1 billion by 2032.

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6 ways to reduce waste on site

Lets Build

Considering that nearly 2/3 of the work involved in delivering a construction project consists of non-value-added activities, it is crucially important to focus on the root causes and how to correct them. Common types of waste in construction. The activity is carried out successfully the first time (no wasteful rework).

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How to Start an Electrical Business: 9 Tips for Growth

Levelset

Industry research shows that the US electrical industry has more than 1 million employees working for 200,000 businesses — and annual revenue exceeding $200 billion. Moving from working as an electrician to starting your own business may feel a bit shocking, but it doesn’t have to be. annually for the next five years. .

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How to Start a Painting Business: 9 Keys to Growth & Success

Levelset

It’s an excellent time to consider starting a painting company, as both the residential and commercial sectors are experiencing a wave of new construction, and that means opportunities for painters. Moving from working as a painter to starting your own business may seem like a daunting process, but it doesn’t have to be.

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How to Start a Plumbing Business: 9 Tips for Growth

Levelset

If you’re looking to start a plumbing business, it’s the perfect time to get with the flow. Moving from working as a plumber to starting your own business may seem like a lot of (water) pressure, but it doesn’t have to be. Establishing a business legally is a straightforward process, and creating a plan for growth is exciting.