This article outlines the construction industry’s new Construction Contracts (Retention Money) Amendment Act, which significantly benefits subcontractors. The legislation guarantees the timely and secure release of retention money and imposes strict penalties on companies and directors who fail to comply. The new rules aim to increase trust, encourage quality workmanship, and provide financial stability for subcontractors, ultimately contributing to the long-term success and prosperity of the industry.
As there is much talk about building contracts and their potential changes, we thought our readers would benefit from an article outlining some key building contracts that are currently in place in New Zealand. This overview is designed to help contractors, building owners, people working in construction or wanting to work in construction, and anyone
You have probably heard about or noticed first-hand that there is currently a shortage of skilled workers. This is especially true in New Zealand’s construction industry. This skills gap stems from various factors. Tighter immigration policies, talent going overseas, and an ageing workforce to name a few. This shortage of skilled workers hinders the industry’s