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The provisions are intended to better protect retention money owed to contractors and subcontractors in the event of a business failure.
The Regulatory Systems (Commercial Matters) Amendment Act also comes into force today. It clarifies the amendments made in the Construction Contracts Amendment Act 2015 and introduces an alternative option to holding retention money on trust. The key points being:
● retention money provisions only apply to contracts entered into, or renewed, on or after 31 March 2017.
● employers or head contractors who choose to withhold retention money, have two options:
No regulations in relation to retention money provisions under the Construction Contracts Act 2002 are currently proposed.