"Retention of security" refers to the practice of withholding a certain amount as security from a payment or transaction. This is done to hedge against potential risks or obligations and ensure that specific conditions are met before the full payment amount is released. In a business context, security retention may be stipulated in contracts or payment agreements, for example. Typical features of software in the security retention domain could include:
Set Security Amount: The software allows for setting the amount for security retention, either as a percentage of the total payment or as a fixed sum.
Deadline Monitoring: Features for monitoring deadlines and conditions that must be met for the security retention to be released.
Automated Calculation: Automatic calculation of security retention based on defined parameters and conditions.
Documentation: Ability to document agreements and conditions related to security retention for legal and accounting purposes.
Notifications and Alerts: Features to send notifications or trigger alerts when deadlines are approaching or conditions are met.