Government consults on cash retentions in the construction industry

Walter Menteth, Neal Morris

    Research output: Contribution to specialist publicationArticle

    Abstract

    Architects are being encouraged to support the introduction of a retentions deposit scheme aimed at putting an end to the practice of payments being withheld for an unreasonable length of time, and to eliminate altogether the risk of losing retentions through contractor bankruptcy. According to the government’s own figures, almost £8 billion of cash retentions have remained unpaid over the last three years. In 2015, it is estimated that £45m worth of cash retentions
    were lost to supply team members because of upstream insolvencies.
    Original languageEnglish
    Number of pages4
    No.January 11, 2018
    Specialist publicationRIBA Members Newsletter & Website
    PublisherRIBA
    Publication statusPublished - 11 Jan 2018

    Keywords

    • Cash retentions
    • sub-contracting
    • architecture
    • procurement
    • competitions
    • policy

    Fingerprint

    Dive into the research topics of 'Government consults on cash retentions in the construction industry'. Together they form a unique fingerprint.

    Cite this