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Continuing the topic of Construction Act Improvement, what if any changes should be adopted to improve the way in which Retention is dealt with? Retention has been a cause of complaint and quarrel for all time in construction contracts. It is designed to allow the Paying Party (e.g. the Employer or Contractor) a means to hold on to money due, just in case there is a dispute later. It is normally 3% - 5% taken from the gross value of the account as work proceeds and is in theory paid at the end of the project when everything is agreed and signed off.Continue reading
How should the Construction Act be improved?
The Construction Act on the 1st May 2018 celebrated its 20th birthday; it provides Payment and Adjudication rights to Commercial Construction Contracts. The Government are considering further improvements to the Construction Act last updated in 2011, which you can read more about by clicking here The recent government consultation by the Department for Business, Energy and Industrial Strategy set out to measure the effectiveness of the 2011 changes to the Construction Act lookingContinue reading