The Construction Contracts (Retention Money) Amendment Act 2023 will come into effect on 5 October 2023, and will become part of the Construction Contracts Act 2002.
Key changes for contractors include:
• Separate bank account
• Reporting and record keeping, and
• Fines and penalties in case of non-compliance
CCNZ will host a webinar on 27 September with Core Associate Dentons. Click here to register>>
Read a handout from CCNZ Core Associate Dentons explaining the major changes for contractors>>
Read the full update on the MBIE website>>