On 3 March 2017, Parliament’s Commerce Committee reported back on the Regulatory Systems (Commercial Matters) Amendment Bill (the RSB) that will clarify requirements for protecting retention money in construction contracts.
The RSB proposes that these provisions will only apply to contracts entered into, or renewed, on or after 31 March 2017. The RSB is progressing through Parliament and is at Second Reading stage. If you are planning to enter into a contract soon, please keep informed on the new requirements. Read more.