Payapps now supports tiered/sliding retention models. This allows the rate at which retention is withheld to change based on the amount of progress reached within the contract.
Below are the steps to enable tiered retention:
1. Go to the contract setting and under the Retention basis field, select 'Tiered'.
(For existing contracts: go to the contract summary page and edit the contract by clicking on the pencil icon at the top) and it will take you to the contract settings.
2. After selecting the tiered option, enter the value and rate for each tier.
Note: if you have a partial bank guarantee, for the first tier enter in the amount of the contract that's covered by the bank guarantee and set the rate to 0%. Anything requested up to that amount will not have retention withheld from it.
3. Click on 'Add Tier' to include more additional levels or click on the bin icon to delete any unneeded tiers.
The next tier will have a different retention rate and greater value than the previous tier.
4. If there is an agreed retention amount that needs to be withheld, then click the checkbox for Maximum Withheld Retention and specify the amount.
Once the withheld amount reaches the maximum withheld limit, new claims/AFPs will not hold retention.
Need assistance? Reach out to the support team via the in-app chat or via email at email@example.com.