New Zealand Government Provides More Security for Construction Contractors

  • May 29, 2020 12:38 PM NZST
  • Team Kalkine

According to the latest review of the retentions money regime, most of the construction and building sector is obeying the Construction Contracts Act. However, there is still some scope to protect the interest of subcontractors and therefore the Government has implemented some changes under the Construction Contracts Act:

  • Introduced a new offence and penalties for company directors and firms who do not comply with their responsibilities;
  • Strengthening how retention money is held to prevent firms from dipping into retention money to use as working capital;
  • Requiring those holding retention money to issue a transparency statement stating how much is being held and where.

 


Disclaimer
The website https://kalkinemedia.com/nz is a service of Kalkine Media New Zealand Limited (Kalkine Media), Company Number: 8107196. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK