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Explanation: This term is used by lawyers in legal/business contracts. Here "retained" means established, fixed, declared,etc: "enviaremos el documento a la institución de crédito fijada/marcada por el acuerdo"
Explanation: I agree with telef. Designada is the legal/law Sp proper term. Contratada is not the same. Just to remember you that la institución cannot be contratada WITH the settlement. The institution is designated IN the agreement. The hiring of the institution would be later. The translation is talking about the settlement.