Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


UPDATE: Construction Contracts Act

Construction Contracts Act - new statutory trust model for retentions

From 31 March next year, retention monies under new commercial construction contracts must be held on trust in the form of cash or liquid assets. This change to the Construction Contracts Act 2002 represents a wider-reaching version of a similar regime recently introduced in New South Wales. The change – which was enacted in the wake of the collapse of Mainzeal – is intended to protect subcontractors from the insolvency of the parties holding retention monies.

To read more about the potential implications of the regime on contracting parties, their funders, and insolvency practitioners, click here.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Economy: GDP Rises On Strength In Services

The economy, as measured by gross domestic product (GDP), grew 0.6 percent in the December 2017 quarter, Stats NZ said today. Growth was driven by increases in the service industries but was tempered by falls in the primary sector. More>>


Innovative Partnerships:Govt Launches R&D Programme

Research, Science and Innovation Minister Megan Woods has today formally launched the Innovative Partnership programme which aims to attract future-focused international innovators and firms to undertake R&D and develop their products in New Zealand.... More>>


Planes And Oil: Current Account Deficit Widens To $2.0 Billion

New Zealand's seasonally adjusted current account deficit widened to $2.0 billion in the December 2017 quarter, Stats NZ said today. The $407 million increase in the deficit was mainly driven by New Zealand importing aircraft and other transport equipment, and crude oil. More>>