On 10 June 1991, a progress certificate was issued, certifying that the balance of the retention money amounted to a sum of R1, 106, 376.37, payable when a final certificate of completion was issued by the project's engineer within fourteen days of the expiration of the retention period.
12.
The joint liquidators applied to a Provincial Division for a declaratory order that, on a proper construction of the contract of cession, no security had been conferred on the bank in respect of retention money certified in terms of the contract for payment by the employer subsequent to 10 June 1991.
13.
In this case the contract provided for " nett cash as the work proceeds and balance on completion . " If the balance could be regarded as retention money, then it might well be that the contractor ought to have done all the work correctly, without defects or omissions, in order to be entitled to the balance.
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