Prevention is often the best policy but trying to predict all the variables in a construction project can be a challenge. It’s a challenge your clients expect you to handle though, so make sure you’re up to the task by mastering the latest reforms and upcoming changes. Don’t let the current environment see your project fail. Expertly handle cost escalation and fluctuation clauses to maximise the success of your next construction law undertaking.
2.30pm to 3.15pm Retentions Regime: Updates and Changes
The Construction Contracts Act 2002 was meant to ensure the protection of retention monies held at all levels in construction projects. In practice, the lack of clear requirements and sanctions has left contractors in particular, vulnerable to retention monies not being held when insolvency strikes. The changes set out in the Construction Contracts (Retention Money) Amendment Bill (Introduced in June 2021) go some way to addressing the rights and obligations necessary to make the protection regime work. In this session you will consider the following:
- The Bill introduces requirements to hold retentions on trust in specific accounts; what are the obligations to provide confirmation of the funds held, ongoing updates and what are the sanctions for failure to meet these requirements
- The Bill also introduces the ability for Liquidators and Receivers to deal with the funds held
- It remains to be seen when the Bill will be enacted, but the significant nature of the changes mean that all businesses that hold retentions at every level of a construction project need to turn their minds to compliance
Presented by Jonathan Forsey, Special Counsel, Duncan Cotterill
2.00pm to 2.30pm Proposed Amendments to 3910 NZ’s Standard Construction Contract
Join an experienced panel as you explore the proposed Amendments to 3910, NZ’s Standard Construction Contract and what they see as the potential benefits, risks, and impacts on the construction sector.
Presented by Julia Flattery, Partner - Commercial, Duncan Cotterill
Chair:
Deep Purusram, Director, Victorian Lawyers
3.15pm to 4.15pm Cost Escalation Risk in Construction Procurement and Contracts
- Examine the relevant background and market forces giving rise to cost escalation risk and the consequences and challenges as a result of these market forces (including contractor insolvency)
- Tools for mitigation of risks though procurement (pre contract)
- Mitigation of risk through the contractual tools (conditions of contract)
Presented by Shanti Frater, Partner, Simpson Grierson and Christine Gordon, Senior Associate, Simpson Grierson
4.30pm to 5.15pm Insurance Challenges for the Construction Industry
- Overall insurance market for construction industry
- Challenges of contractual requirements and expectations on insurance coverage
- Considerations by Insurance Policy
- Contract Works
- Liability
- Parametrics
- Future outlook
Presented by Amanda Halfacree, Deputy Head of Financial & Professional Risks, Crombie Lockwood and Mark Taylorson, Head of Specialisms & Construction, Crombie Lockwood
4.15pm to 4.30pm Break
Description
Attend and earn 3 CPD hours
KEY CONSTRUCTION CONTRACT UPDATES
KEY CONTRACTUAL ELEMENTS
Learning Objectives:
- Examine the proposed amendments to 3910, NZ’s Standard Construction Contract
- Consider implications of updates and changes to the Retentions Regime
- Explore cost escalation and fluctuation clauses
- Understand risk mitigation through project governance
Presenters
Ms. Julia Flattery, Partner - Commercial, Duncan Cotterill
Julia is an experienced construction lawyer who brings significant large-project build expertise. She regularly drafts project specific building contracts, subcontracts, consultant appointments, warranties, performance bonds and other ancillary contract documentation; and advises head contractors, subcontractors, consultants and funders in relation to contract packages.
Mr. Jonathan Forsey, Special Counsel, Duncan Cotterill
Jonathan Forsey is a Special Counsel in the Christchurch litigation and dispute resolution team. Jonathan has considerable experience across a broad range of civil litigation and alternative dispute resolution forums, including the Courts at all levels, specialist tribunals, arbitration and mediation. Jonathan specialises in defamation and media law issues, as well as privacy, official information, cyber liability, and technology related aspects of the law. His work encompasses advice on advertising and broadcasting standards, fair trading and consumer legislation, and other aspects of statutory compliance. Jonathan also deals with contractual disputes, administrative law and insolvency. In recent years, he has developed a practice dealing with many of the legal issues thrown up by the Canterbury rebuild. Jonathan has advised clients on construction contracts issues, contracting, retentions and compliance issues, insurance and regulatory matters, as well as contract and negligence issues. Jonathan is admitted as a solicitor in England and Wales and spent several years as a commercial litigator with one of the top five City firms in London. He has also worked in Auckland as a Judge's Clerk and as a media law and general commercial litigator for a large Wellington firm.
Mr. Deep Purusram, Director, Victorian Lawyers
Deep Purusram is Director of Victorian Lawyers. Deep holds a bachelor’s degree with Honours in law and a Postgraduate Certificate in International Commercial Law from the University of Northumbria, United Kingdom. Deep also holds a Masters’ Degree with Merit in Construction with specialization in Construction Law from Massey University. Deep is an Executive member of the panel of Adjudicators Association NZ and is a registered Construction Adjudicator and has also recently sat in a Judicial capacity before the Adjudicators’ Association of New Zealand Tribunal. Deep is currently studying his PHD in Construction from Massey University. In his current role as Barrister & Solicitor, Deep has appeared in numerous construction related litigation, advised on construction contracts and assisted in the resolution of construction disputes.
Ms. Shanti Frater, Partner, Simpson Grierson
Shanti is a partner in the firm's construction group, and advises local government, district health boards, and private sector clients throughout New Zealand. She has over 18 years’ experience as a specialist construction and litigation lawyer, including six years with a top litigation firm in Canada prior to joining the firm in 2009. Shanti advises clients on a broad range of contractual issues at all stages of construction projects. She is experienced with New Zealand and international forms of construction contracts and consultancy services agreements including NZS391X, FIDIC, NEC, CCCS, and NZIA. She also has extensive dispute resolution expertise, having been responsible for managing many CCA adjudications ranging from tens of thousands to multi-million dollar claims and resolving claims through mediation and arbitration.
Ms. Amanda Halfacree, Deputy Head of Financial & Professional Risks, Crombie Lockwood
Amanda has worked in the Insurance industry for over 17 years and has specialised in liability lines for most of the last 15. She started her career in New Zealand as a broker at Marsh before moving into underwriting at AIG New Zealand, AIG Australia and CGU Australia. Seven years ago she returned to New Zealand and to broking with Crombie Lockwood’s specialist Financial And Professional Risks team (FINPRO). She has managed both large and small teams for over 10 years and currently holds a national role as Deputy Head of FINPRO as well as heading the Wellington Corporate team. Amanda was recognised as the Women in Insurance “Broker” of the year in 2020.
Mr. Mark Taylorson, Head of Specialisms & Construction, Crombie Lockwood
Mark is Crombie Lockwood’s Construction Practice Leader and is responsible for bringing together Construction resources for the benefit of clients, with a team of 16 brokers in seven regional offices across New Zealand. Mark manages a client base of contractors and contract principals and drives the strategy and market relationships for New Zealand construction, as well as managing large project placements.
