re·ten·tion /ri-'ten-chən/ n1: the act of retaining or the state of being retained2: the portion of the insurance on a particular risk not reinsured or ceded by the originating insurer
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
conservatio, constraint, control, custodianship, grasp, hold, holding action, holding power, keeping, memory, possessio, reservation, restraint, retainment, retentio, tenacity
associated concepts: retention of benefits
apprehension (act of arresting), arrest, enjoyment (use), occupancy, occupation (possession), remembrance (recollection), reservation (engagement)
Burton's Legal Thesaurus. William C. Burton. 2006
in the Scots law of contract, the right for A not to pay money due to B under a contract until damages due by B to A under the same contract are ascertained. Thus, a claim for freight may be opposed by a claim for damage done to the goods in transit. In bankruptcy or liquidation, a party who is facing an illiquid claim may retain in respect of an illiquid sum owed to him by the bankrupt and it is not necessary that the debts should arise out of the same contract.In the law of Sale of Goods 1979, where the property in goods has not passed to the buyer, the unpaid seller has a right to withhold delivery similar to and co-extensive with his rights of lien or retention and stoppage in transit where the property has passed to the buyer.
Collins dictionary of law. W. J. Stewart. 2001.
In the context of an acquisition, the retention of part of the purchase price as security for the buyer for potential breaches of warranty and/or indemnity. They may be for a fixed period until expiry of the warranty limitation period. A retention may also be used where the buyer has doubts about the creditworthiness of the seller. The retention may be by way of retention of cash or by a more complex mechanism.Related links+ retentionA retention clause provides for part of the purchase price to be held back as security for the buyer for potential breaches of the contract. A retention clause may also be used where the buyer has doubts about the creditworthiness of the seller.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.