Jonathan and Ethan dive into the vital topic of retentions in the construction industry. They explore the role of retention money and its significance in ensuring project completion. The discussion highlights New Zealand's Construction Contracts Act 2002, emphasizing the importance of holding retentions in trust. They discuss the shift from "pay if paid" to mandatory payment timelines, exploring how this legislation impacts cash flow and reduces financial disputes. With insights into both commercial and domestic projects, this episode provides an engaging look at retentions' essential role in fostering accountability and smooth monetary transactions within the construction sector.
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