The Constructions Contracts Amendment Act introduced a requirement for entities that deduct retentions to hold those retention monies in trust. This regime is creating major difficulties for the industry and most entities are still a long way from being ready to comply.
James MacQueen is the Heads the Construction Industry in NZ. He has spent a lot of time understanding the regime, running seminars, assisting clients to be prepared and assisting MBIE with the development of regulations and guidance. There are a number of ambiguities, and confusing interpretation issues with the legislation. The obligations and consequences remain poorly understood.
James will explain the complex parts of the new regime, outline likely best practice and assist you to ensure you are ready for the changes which commence on 1 April 2017.
Who should attend?
· Developers and property owners who deduct retentions
· All construction companies
· Subcontractors who in turn employ subcontractors
· All subcontractors who have retentions deducted from their progress claims. You will be able to inspect the retentions and trust records but do you know what to look for to ensure you are protected.