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Stephen McNee

Stephen McNee

Managing Director of SM Electrical Services, an electrical contracting and renewable energy company in Scotland specializing in solar installations, battery storage, and EV charging.

Jun 15, 2026

BarryHOST
61:40
a couple of things there actually just for the people who like myself who maybe don't quite know the term so valuation retention so let's use that 200 grand job just the fictional job right talk to us about like a standard commercial agreement in that sense Day one to pay day in those terms
62:00
that you mentioned.
62:01
So payment terms will vary, client on client obviously.
62:04
So it would be like 30 days, 60 days and people will try 90 days as well.
62:08
But say a £200,000 job, you'll do four weekly evaluations.
62:12
So you basically claim percentages of the work.
62:14
the work done to date so it will all be broken down to say basic first fix second fix distribution boards just different elements of the electrical project you will then claim month on month for the percentage of that so you get to the end of the month claim 50% of first fix second fix will be null obviously so that's your evaluation you then submit that to QS which is quantity surveyor they'll work for the main contractor they then need to agree that account with their end client who's technically not your end client but they've still got to agree that account Retention is, again, retention values will differ.

10 MINS LATER

speaker_0HOST
72:47
No, you don't get taught that in

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