Term typically used in Development Finance, JCT is short for Joint Contracts Tribunal, which are standard from contracts for construction. Payments are made as work is completed by the Contractor, and normally when independently corroborated by a QS or Architect. A percentage of the contract value is also normally retained until after Practical Completion to allow for minor defects or Snagging to be corrected. It might be agreed that 5% of the total contract value is retained until 6 months after practical completion.