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Yup, that’s pretty standard in traditional JCT Contracts but definitely the way to do it for anything of a certain value/size. Works valued on a monthly basis with 5% held back. 2.5% released on practical completion (ie: when the scaffolding is removed in the above example/works signed off etc.). 2.5% held back for 12months to rectify any damages resulting from movement/settling etc.
EstelleGetty
@stevo_com
For context, we are looking at doing an extension and will get the architect to manage the contract(s). Part of that will be that they check in once a month and advise what percentage of money can/should be released. They will also negotiate that 2% is held for 12 months to make sure everyone is happy/incentivised to make everything right. I would not have even thought of doing that or had the balls to.