How Auckland Council will ensure that retention monies are held in accordance with the Construction Contracts Act 2002.
This policy is to ensure that the Auckland Council Group (the group) complies with the Construction Contracts Act 2002 (the act) when it holds retention money.
An organisation that withholds a payment to a contractor as security for the contractor’s performance under a construction contract (retention money) will be required to comply with the provisions of the act.
Non-compliance with this policy may result in non-compliance with the act. It may also result in civil or criminal liabilities.
This policy applies to Auckland Council and all substantive council-controlled organisations (the group).
