The Department of Building and Housing is inviting you to share your experiences of the Construction Contracts Act.
The Construction Contracts Act 2002 (the Act) regulates progress payments in the construction industry and provides an adjudication framework for people with disputes under construction contacts.
The purpose of the review is to find out how well the Act is working and to identify areas where improvements can be made.
This is your chance to have your say. You can view the Construction Contracts Act Discussion Document on the Department of Building and Housing’s website: http://www.dbh.govt.nz/current-consultations.
Submissions close on 16 December 2010.
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We recently built a new home and the new payment regime was extensive to say the least. I can understand why as it protects both parties but the frequency of payments then requires greater number of valuations for the bank to advance the money increasing cost and inconvenience. Our builder agreed to stagger payments such that they were evenly spread throughout the period of the build being 6 months.