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Tuesday, 13 July 2021, 11:20 am New Zealand’s leading insurance broker Aon has launched a new service that enables construction contractors to free up funds that would normally be retained in trust during commercial projects. Traditionally, retention money withheld under commercial construction contracts must be held on trust in the form of cash, or other liquid assets readily converted into cash, unless a complying instrument is purchased. Aon’s Retention Instrument is the first fully compliant service available in New Zealand which provides an alternative to holding subcontractor’s re...

Press Release – Aon NZ New Zealands leading insurance broker Aon has launched a new service that enables construction contractors to free up funds that would normally be retained in trust during commercial projects. Traditionally, retention money withheld under commercial … New Zealand’s leading insurance broker Aon has launched a new service that enables construction contractors to free up funds that would normally be retained in trust during commercial projects. Traditionally, retention money withheld under commercial construction contracts must be held on trust in the form of cash,...

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You can now have your say on the Construction Contracts (Retention Money) Amendment Bill, a government bill that is currently before the Transport and Infrastructure Committee. This bill’s core purpose is to clarify the retentions regime under the ...