Construction Contracts Amendment Bill Passes

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Parliament has now passed the Construction Contracts Amendment Bill which will provide sub contractors with improved security of payment and better access to dispute resolution….what does this mean………Building & Housing Minister Nick Smith says this means “Retention money, that previously could be put at risk by the main contractor and used as working capital – must now be held in trust and given priority in the event of a business failure. It means the people who do the bulk of the physical work on building projects get properly paid for their labour”.
For further information refer to www.mbie.govt.nz/…construction/…/review-of-the-construction-contract

fnitm_loginConstruction Contracts Amendment Bill Passes