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All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger. We ask Allaah to exalt his mention as well as that of his family and all his companions.
Since the money is still in your possession and one year had elapsed and the money is beyond the minimum amount liable for Zakat, then Zakat of 2.5% has to be paid on this amount of money. As regards the money that has already been paid to the contractor, it is an obligation on the contractor to pay the Zakat on this money as it became in his possession. So if a whole year elapses, the contractor has to pay Zakat on it.
Allaah knows best.
*Helped by fatwas of islamweb.net