Fair and transparent payment practices are essential for a successful construction industry, but the practice of cash retentions is problematic for all parties in the supply chain.
That is why Build UK and its members support the industry ambition to move to zero retentions by no later than 2025. To achieve this, we are implementing a Roadmap to Zero Retentions with milestones to show that progress is being made.
Build UK has reached a major milestone on its roadmap by publishing new minimum standards on retentions designed to reduce the existing challenges with their use. By providing detailed drafting guidance for members to incorporate the minimum standards into both JCT and NEC forms of contract, the publication represents a real practical step on the transition to zero retention.