New rules for protecting retention money came into effect on the 31st of March 2017. These require developers and head contractors to hold “on trust” any retention money they’ve withheld from their subcontractors. This on trust obligation, which applies to all...
Construction (contract works) insurance is a contractual requirement for most building projects. Here are some of the most important things to be aware of when it comes to contract works insurance. What and who it covers The policy covers accidental loss or damage to...
As with any contract of insurance, the devil is in the detail and it’s important you read and understand the terms & conditions contained within it. Below are three things you may not be aware of that could affect your cover. Cessation of Work Most policies...
Running any kind of business involves a certain degree of risk, and building trades are no exception. Indeed, tradies face additional responsibilities placed on them by the Building Act, such as disclosure requirements, mandatory contract terms and implied warranties....
Have you taken the simple steps needed to protect your electronic records, email, banking and invoicing data from viruses, hacking or ransomware? Attacks on small business have skyrocketed in the last 12 months, as hackers target poorly protected systems for ransom....
Any subcontractor who has had to agree to have retentions withheld from their invoices will have experienced the trepidation that comes with worrying if they’ll ever see that money again. Indeed, many find recovering it once their defects liability period has ended a...
