Alan Brown MP
The case for the introduction of a Bill to safeguard and release cash retentions in the construction industry was made to MPs at Westminster yesterday.
In a Motion debate in the House of Commons, Alan Brown MP said unprotected cash retentions should not exist in the 21st century and described the human loss attached to the practice.
Mr Brown said: A cash retention is the deduction of a portion of an agreed value of a contractin effect, a cash bond. That cash is withheld by the main contractor to cover any snagging defects in an agreed maintenance period of one or two years.
Usually the subcontractor will remedy defects at their own cost, as per the contractual terms and conditions, thereby with the expectation…
Read the full article at: http://www.scottishconstructionnow.com/18733/mps-hear-of-human-cost-attached-to-loss-of-cash-retentions/
