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Retentions changes to Construction Contracts Act come into force 5 October

21 Sep 2023


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>>

 

 

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