In an article published by Mirage.news we learn of an Amendment to New Zealand’s Construction Contracts Acts of 2002. The Act which was initially enacted to prohibit conditional payment terms in construction contracts, has now been amendment to require retention to be held in trusts. A Global Movement The move by the government of New…
Tag: Pay-when-paid
Industry Watch – Pay-When-Paid – A Common but Illegal Term that Exists In Most Construction Contracts.
General Contractor should not rely on the Owner’s contract to define the terms and obligations between the Contractor and his subcontractors. Rather, the GC should specifically state any and all of their sub-contractor terms (including payment obligations) independently of the Owner’s obligations to the GC. The Contractor should adhere to those terms independent of what may or may not be happening between the Contractor and the Owner.