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Retentions changes come into force today

05 Oct 2023


A new amendment to the Construction Contracts Act comes into force today, with changes to the retentions scheme under the Construction Contracts (Retention Money) Amendment Act 2023 providing protection to contractor retention money.

Key changes include the need to maintaining a separate bank account (or complying instrument) for retentions, new reporting and record keeping requirements, and additional fines and penalties.

The Ministry of Business, Innovation and Employment has provided detailled information on the retentions scheme and templates including a Retention Money Payment Schedule, Internal Report, Quarterly Statement and Transaction Report on its website.

CCNZ hosted a webinar explaining the changes, alongside Core Associate Dentons. Members in need of support can access 15 minutes free legal advice by contacting their Regional Manager or emailing Membership@civilcontractors.co.nz.

Watch the webinar on the members' login page>>

Read a flyer on the changes>>

Read about the revised retentions scheme on the MBIE website>>

Download useful templates>>

 

 

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