The Construction Contracts Amendment Bill has had its third reading and is now pending assent from the Governor General.
The bill is attached.
Two key areas to look out for are:
- the amendments to the meaning of construction work to include design, engineering and QS work performed in NZ and which will come into force on 1 September 2016, and
- the creation of a statutory trust over retentions which will apply from 31 March 2017.
This is the largest regulatory change for some time and it is important to understand the changes and how they may affect your business. Feel free to get in contact with a member of our team if you have any questions regarding these changes, see the Team tab above for contact details.