Retainage & Closeout Review
Reconcile the final account before you close the file.
Physical completion and commercial completion are not the same event.
Purpose
Separate the balance from the reason it is open.
Echelon reviews the final account, retainage, deductions, open change activity, closeout requirements, and the payment history. You should be able to see what is still unresolved, and why.
Physical completion, punch items, and field conditions still tied to closeout are read against approved value, credits, backcharges, and releases. Those are read against what was billed, what was paid, what is held as retainage, what was deducted, and what balance remains.
Boundary
The retainage balance is not the right to the retainage.
Echelon can establish what the records show. Contract interpretation, statutory rights, notice requirements, lien rights, and payment remedies are legal questions. They belong with counsel.
If material items remain open after the review, Echelon can re-read the defined items on a later agreed cycle.
Discuss a closeout review