Retainage & Closeout Review
Reconcile the final account before closing the project file.
Physical completion and commercial completion are not always the same event.
Purpose
Separate the outstanding balance from the reason it is still outstanding.
Echelon reviews the final commercial record, retainage, deductions, open change activity, closeout requirements, and available payment history so management can see what remains unresolved and why.
Final Account
Reconcile value
Contract value, approved changes, credits, backcharges, billed amounts, payments received, and remaining balance.
Identify dependencies
Closeout documents, punch items, final change activity, releases, disputed deductions, or other conditions tied to final payment.
Establish status
What is closed, what remains administratively pending, what is commercially disputed, and what requires another professional.
Important Boundary
Retainage records and retainage rights are different questions.
Echelon can establish the documentary and commercial record. Contract interpretation, statutory rights, notice requirements, lien rights, and payment remedies are legal matters and should be evaluated by qualified counsel.
Discuss a closeout review