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How to setup retainage in project billing if customer withholds % of payment until future milestone?

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Summary:

Our customer is in construction industry, where billing is usually milestone-based. The terms in most customer contracts include a retainage, wherein the customer withholds a percentage of the billing invoice until either a future milestone is reached or until the contract work is completed.

Is there a way to meet this requirement in Project Billing? If yes, can you pls provide the details?

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