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.

Concrete solution: Youngman Richardson given the green light

The recently completed Richmond Countdown supermarket is set to be the first of its type in New Zealand to be accredited by the internationally recognised Green Star rating system. Youngman Richardson were an important part of the construction process along with concrete contracting company Concrete Sealing & Grinding NZ.