Preparing retention records before the business winds down
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If the project records show money held as retention, prepare an evidence index before the people who understand it leave. The index should let the authorised finance contact or adviser find the documents behind the figure and understand what is still disputed.
Do not treat the balance as guaranteed closure funding or assume the last site visit makes it payable. Entitlement, timing, recovery and accounting treatment need the actual contract and appropriate advice. This guide organises information for that review.
Build one evidence trail per project
Start with the project and contracting parties, then connect the recorded balance to its supporting documents. Use the business’s current controlled records, not a new estimate assembled from memory.
| Index entry | What the next person needs |
|---|---|
| Project and agreement | Correct parties, contract reference and relevant agreed changes |
| Recorded retention position | Amount shown, date of the record and person who prepared it |
| Payment history | Relevant applications, invoices, notices, certificates or statements actually held |
| Completion information | Evidence relevant to the question, with any disputed status identified |
| Correspondence | Client or adviser responses and unresolved points |
| Next action | Responsible person, advice required and confirmed review point |
Not every project will use the same documents. Label missing or inapplicable items accurately. Do not create a certificate or statement that was never issued to make the index look complete.
Distinguish a difference from its explanation
If the business record and the client statement show different figures, record both sources and the gap. Ask the responsible people to investigate the cause. An unmatched amount is not, by itself, evidence of an agreed deduction, an error or a debt that can immediately be recovered.
Attach the evidence for any correction through the normal approval process. Keep the original version so the aftercare contact can explain why the position changed.
The five-part project completion record prevents this payment enquiry from being confused with physical work or equipment release. A financial question may continue after the site no longer needs the same plant.
Test whether someone else can follow it
Ask the proposed continuing contact to locate the agreement, the current balance and the latest unanswered question. If they must telephone a departing colleague to interpret every reference, improve the index while that knowledge is available.
Use the project document handover for version and access checks. Do not copy unrestricted commercial documents into public sale material or a general site-clearance folder.
The former-client contact route should connect a later response to the person authorised to handle the payment enquiry. Record a backup route if that person is unavailable.
Discuss released equipment separately with UK Auction Group. Keep expected asset-sale proceeds and unresolved retention balances distinct in the information supplied to the business’s advisers.
Sources
This guide is general information and education only. Legal, tax, employment and safety decisions may need a qualified adviser who knows your situation. Read the disclaimer.