Time for change in retention holding says NAPIT
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There is “Time for change” in the way companies hold retention on contracts in the building industry according to NAPIT and other autorities , as often contractors and sub-contractors fail to receive their retention on contracts that are due.
The cross-industry campaign, which is aiming to gain 100,000 signatures on an e-petition seeking to drive a Parliamentary debate on placing all retention funds in trust accounts in future to secure them for release once the retention time is completed .
Many within the construction Industry are urged publicise the campaign to make people aware of the damage lost retentions to the industry and to urge them to sign and drive the debate to protect retention funds for the future of the industry.
The “Time for Change” campaign was launched by H&V News on 19 November 2014, following comments raised by many contractors in recent years, highlighting issues within the industry about the delay, withholding of or loss of retention funds following those higher up the supply chain entering administration. The campaign will focus on proposing legislation to require all funds identified as expected expenditure to go into a trust fund, to ensure these remain protected and paid at the appropriate time.
The “Time for Change” campaign is open to all of the construction industry including the supply chain, with the overall aim to highlight the impact that lost retention have on the industry also discussing the issues with Government and relevant authorities.
NAPIT Group Chief Executive Officer, Michael Andrews, commented: “At NAPIT, we feel it is important that the industry works together to start repairing relationships between contractors and sub-contractors to ensure positive work practices. The Time for Change campaign is a great way to begin the journey towards a more united industry and we are pleased to support it.”