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Retentions, What are they good for?

Are Retention's of use for guarding against insolvency, ensuring timely performance, or for ensuring quality work is delivered defect free?

The Construction Contracts Act 2002 has now locked up retentions so they can no longer be used for cashflow purposes, subject to exacting administration and heavy fines for failure to adhere to keeping them held compliantly in Trust.

Take this 3 minute survey (link above) and contribute to a research paper being prepared for submission to the Society of Construction Law New Zealand Essay Competition for recent graduates.

Proudly supported by the New Zealand Building Economist.

“If you enjoy this blog, please share it with your like minded colleagues”

“Celebrating 50 years of New Zealand Building Economist 1972 to 2021”

By Matthew Ensoll

Life Member NZIQS. Reg.QS.

Editor New Zealand Building Economist.


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