Are Retention's of use for guarding against insolvency, ensuring timely performance, or for ensuring quality work is delivered defect free?
The Construction Contracts Act 2002 has now locked up retentions so they can no longer be used for cashflow purposes, subject to exacting administration and heavy fines for failure to adhere to keeping them held compliantly in Trust.
Take this 3 minute survey (link above) and contribute to a research paper being prepared for submission to the Society of Construction Law New Zealand Essay Competition for recent graduates.
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