Are you ready for the changes to the Retentions regime that apply from 5 October 2023? With penalties for non-compliance, its vital that you hold retention money in a separate bank account or complying instrument and report regularly. Whether you’re entering into a new contract, or renewing a previous contract, this session will help you work through the key steps parties should take and ensure you avoid penalties.
12.30pm to 1.30pm Revised Retentions Regime: Obligations on Parties to Construction Contracts from 5 October 2023 Under the Construction Contracts (Retention Money) Amendment Act 2023
- Key changes to the retentions regime by virtue of the Construction Contracts (Retention Money) Amendment Act 2023
- Obligations on a retention holder (such as a Principal or Contractor) to ensure compliance
- Navigating the significant penalties for non-compliance
- Steps that parties to commercial construction contracts should take for contracts entered into (or renewed) after 5 October 2023
Presented by Christine Gordon, Senior Associate, Simpson Grierson
Description
Attend and earn 1 CPD hour
Learning Objectives:
- Gain critical insight into important changes to the retentions regime by virtue of the Construction Contracts (Retention Money) Amendment Act 2023
- Work through key obligations to ensure commercial compliance
Presenters
Christine Gordon, Senior Associate, Simpson Grierson
Christine is a senior associate in the construction group. She has gained over 14 years’ experience as a specialist construction lawyer at leading firms in New Zealand and London. Christine advises a broad range of construction parties from principals, contractors and sub-contractors to engineers, architects and insurers on issues arising both during and after construction. She has experience with New Zealand and international forms of construction contracts and consultancy services agreements. Christine’s experience extends to acting for parties in resolving complex and high value disputes through arbitration, mediation, adjudication, court, expert determination and other dispute resolution forums.
