When your company applies the 'Owners English' or 'Specialty Contractors English' point-of-view dictionary, you'll see different tool names and term changes in the user interface. Learn how to apply the dictionary options.
This table shows the differences in tool names (bold) and terms across the point-of-view dictionaries for Project Financials. These dictionaries are available in US English only. The default dictionary is designed for head contractors, which means that you will need to work with your Procore Administrator at your company and your Procore point of contact to access the other dictionary options.
Head Contractors English (United States) - Default |
Owners English (Owner Terminology V2) |
Subcontractors English (Speciality Contractor Terminology) |
---|---|---|
Progress Claiming | Progress Claiming | Progress Billings |
Owner-developer | Funding | Owner-developer |
Owner/Client | Owner/Client | HC/Client |
Head Contract Variation | Funding Variation | Client Contract Variation |
Head Contracts | Funding | Client Contracts |
Revenue | Funding | Revenue |
Subcontract | Contract | Subcontract |
Subcontractor | Contractor | Subcontractor |
Subcontractor Schedule of Values (SSOV) | Contractor Schedule of Values (CSOV) | Subcontractor Schedule of Values (SSOV) |
In Procore, the term Retention refers to the practice of withholding of a portion of a contract amount until the work is deemed satisfactorily complete. The withheld amount is specified in an agreement between the contracting party (the party paying for the work) and a contracted party (the person or company performing the work). A common practice is to withhold 5-10% of a contract's total value until a milestone is reached. Then, the withheld amount can be released as a progress payment. When work is substantially complete, the withheld amount can be released as a final payment.
The practice of setting and releasing retention on progress claims protects contractors from potential losses and helps to ensure quality work by subcontractors. To set or release retention on a subcontractor progress claim, you must be an progress claim administrator.
To set retention on one (1) or more line items in a subcontractor progress claim's schedule of values:
For example, to withhold 10% retention on the first progress claim's selected line items, type 10 in the Work Retention This Period (%) box in the Edit Values panel. After clicking Apply:
Procore updates the Total Retention column on the far right of each line item to show the total retention amount the line item on this progress claim. The system also updates the Total Retention column's subtotal row, as well as the Retention total the bottom of the progress claim. In this example, the amounts withheld for each line item are $50.00 USD and $209.63 USD for a Retention total of $259.63 USD on the progress claim.
To release retention on one (1) or more line items in a subcontractor progress claim's schedule of values:
When creating a new progress claim for the commitment in the next billing period, note that Procore automatically inputs some of the previous progress claim's data on the new progress claim.
For this example, the subcontractor has completed 100% of their work, so 100% of the retention withheld on the previous progress claim will be released. To release 100% of the retention, type 100 in the Total Completed & Stored to Date (%) box in the Edit Values panel. After clicking Apply, Procore updates the highlighted values to release 100% of the retention withheld on the previous progress claim or $259.63 USD.