Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

Have Your Say On The Construction Contracts (Retention Money) Amendment Bill

You can now have your say on the Construction Contracts (Retention Money) Amendment Bill, a government bill that is currently before the Transport and Infrastructure Committee.

This bill’s core purpose is to clarify the retentions regime under the Construction Contracts Act 2002. Retention money refers to part of a payment, under a construction contract, that is held back by a payer (for example a contractor) as security to ensure a payee (for example a subcontractor) fixes any defects with their work. This can cause problems when a contractor becomes insolvent, and/or if retention money has been mixed with the contractor’s other money and assets, resulting in subcontractors not being paid for their work.

The bill clarifies that retention money must be:

· Placed on trust as soon as possible by a contractor for a subcontractor (or other party it is being held for)

· Held on trust separately from the contractor’s other money or assets

· Held in a trust account in a registered bank in New Zealand or in the form of complying instructions

The bill also introduces offences and penalties for non-compliance with the bill’s requirements.

Tell the Transport and Infrastructure Committee what you think

Make a submission on the bill by midnight on Friday 23 July 2021.

For more details about the bill:

· Read the full content of the bill

· Get more details about the bill

· See what parliament had to say

· Follow the committee’s Facebook page for updates

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Covid-19: Covid Alert Level 2 in Wellington till the end of the week


The Wellington region will move to alert level 2 from 6pm tonight until 11.59pm on Sunday.
The announcement comes after a person who travelled from Sydney to Wellington tested positive for the virus upon their return.... More>>

ALSO:




 
 



Environment: Bringing Back The Health Of Hauraki Gulf

New marine protection areas and restrictions on fishing are among a raft of changes being put in place to protect the Hauraki Gulf for future generations.
The new strategy, Revitalising the Gulf – Government action on the Sea Change Plan, released today... More>>

ALSO:

NZ First Returns: Winston Peters - AGM Address

Ladies and gentlemen, it’s a pleasure to be in Auckland for the 28th New Zealand First Party Conference. It is our intention and mission to remain the most successful political party outside of National and Labour in the last three decades... More>>



Government: New Members Appointed To Waitangi Tribunal

Minister for Māori Development, Hon Willie Jackson, today announced the appointment of three new members to the Waitangi Tribunal and the reappointment of one existing member to the Waitangi Tribunal... More>>

NZNO: Nurses Reject DHB Offer And Confirm Strike Action

The New Zealand Nurses Organisation says its 30,000 members who work in DHBs have voted overwhelmingly to reject a second offer in their current round of multi-employer collective agreement (MECA) negotiations... More>>

ALSO:


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels