For a $135,000 project with a 5% retention, what is the withheld amount?

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Study for the California Landscaping Contractor (C-27) License Exam. Use flashcards and multiple choice questions with hints and explanations. Get ready for your exam!

Multiple Choice

For a $135,000 project with a 5% retention, what is the withheld amount?

Explanation:
Retention is the portion of each progress payment that the owner keeps back as security until the project is completed. With a project value of 135,000 and a retention rate of 5%, you withhold 5% of the total contract price. Calculation: 135,000 × 0.05 = 6,750. So the withheld amount is $6,750. The other figures would result from using different percentages or misapplying the rate.

Retention is the portion of each progress payment that the owner keeps back as security until the project is completed. With a project value of 135,000 and a retention rate of 5%, you withhold 5% of the total contract price. Calculation: 135,000 × 0.05 = 6,750. So the withheld amount is $6,750. The other figures would result from using different percentages or misapplying the rate.

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