What measures can builders and other trade businesses take to be prepared for financial pressures, given volatile trading conditions in the building industry and the potential coming downturn?
The protection of retentions has been an issue in the construction industry for years, not just in New Zealand but globally. Amendments to the Construction Contracts Act a few years back put obligations on head contractors to protect those retentions by holding them...
A lot of insurance is tied to contracts, so it’s critical you understand what’s in your contract and comply with the requirements in there. Even if you use a standard contract, things might change and you need to be on top of this, or you might end up in hot water....
