When you bought your last car, did you keep 3% of the payment in case there was an issue? We don’t think so.
At its downfall, colossal construction company Carrillion was holding £800m of unpaid retention owed to subcontractors. This being said, the practice of retention continues to be a sticking point for payments throughout the construction industry.
A recent government survey in the UK indicates that 37.2% of direct subcontractors did receive full payment of retention at practical completion, with more than 1 in 10 of all subcontractors not receiving any payment, even after the defects liability period has expired.
At its half-day seminar on 18 February 2022, Quigg Golden will share their practical insight and expert knowledge, including the relevant case law, regarding current retention practices.
Throughout the seminar, the following areas will be discussed: