Do associations usually hold construction money until completion?

I am on the board of a condo association with 54 units in 8 buildings and a budget of ~$100,000. Our buildings were converted from townhome style apartments. We are presently spending a great deal of money to repair and upgrade the property. In the past, we have been burned by lower quality work. Is it commonplace for Associations to hold a portion of the contracted fee back as retainer?