Task 1.8

Common contract terms and procedures from standard contracts are often misinterpreted. Explain the two contract terms and procedures listed below.

i.Retention monies

ii.Progress payments

Describe the meaning of these contract terms and explain the procedure that the MBA standard contract uses to implement the term (you can find the Standard MBA Trade contract at https://www.mbansw.asn.au/store/residential/standard-trade-contract ).

i.Retention monies

ii. Progress payments