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Retentions Bill breakdown: what will amendment mean for industry?
2018/01/11
9 January, 2018
Second reading of bill is now scheduled for April 27 with aim to introduce approved deposit schemes that will be a legal requirement for any construction industry retentions to be permissible
 
MP Peter Aldous has presented the first reading of the Construction (Retention Deposit Schemes) Bill in parliament today that seeks to amend existing regulation to put a statutory obligation on any group withholding cash retentions to use an approved deposit scheme.
 
The motion has now been approved for a second reading in parliament in just over three months’ time.
 
BESA, which helped devise the new bill alongside the ECA and Mr Aldous, expects the proposed legislation to be introduced as an amendment to the 1996 Construction Act. All contracts within the act will be required to make use of retention deposit schemes with the exception of agreements with householders that are not included in its scope.
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