Latest from New Zealand Construction News
Legal alert… A reminder: bonds in lieu of retentions
The Construction Contacts (Retention Money) Amendment Bill (Bill) passed its first reading on August 6, 2021. It is currently with the Select Committee with a report due on November 25, 2021. The Bill will strengthen and clarify the retentions regime under the Construction Contracts Act 2002 (Act). However, not all retentions are held by way of money in a trust account. This article looks at another mechanism for retentions – a contractor giving a bond in lieu of retentions and the advantages of doing so.
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Net zero or bust… Global cement and concrete players announce ‘net zero’ CO2 by 2050
Forty of the world’s leading cement and concrete manufacturers join forces to accelerate the shift to greener concrete by pledging to cut CO2 emissions by a further 25% by 2030, marking a decisive step in the race to ‘Net Zero’ concrete by 2050.
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Never a better time to join construction industry
There has never been a better time to join the construction industry, says Professor of construction management at AUT, John Tookey.
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