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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
hugo7
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.