• Home
  • Services
    • Employment Law
    • Corporate & Commercial Law
      • Business or Share Sale & Purchase
      • Business Finance
      • Joint Ventures & Co-Ownership Agreements
      • Commercial (Contracts, Policies & Terms)
      • Corporate Restructuring
      • Privacy
      • Technology & IP
    • Property Law
      • Commercial Conveyancing
      • Residential Conveyancing
      • Residential Property Financing
      • Subdivisions & Land Developments
    • Trusts & Succession
      • Trust Establishment
      • Trusts Administration
      • Wills
      • Powers of Attorney
    • Family Law
      • Legal Aid & Family Legal Aid Advice Service
      • Adoption
      • Family Violence
      • Caring of Children
      • Relationship Property Agreements
    • Immigration Law
      • Visa Applications
    • Estates
      • Estates Administration
      • Advising Beneficiaries
      • Estates Litigation & Claims
    • Elder Law
      • Retirement Villages
      • Reverse Equity Mortgages
      • PPPR Applications
    • Insolvency & Debt Recovery
      • Corporate Insolvency
      • Debt Recovery
  • About Us
    • Your Team
  • Resources
  • Payment
  • Blog
  • Contact
Changes to the Companies Act 1993
September 23, 2015
Building Your New Home – Why Include A Sunset Clause?
September 23, 2015

Building Contracts & Retention Sums

September 23, 2015
Categories
  • Property Law
Tags
Many building contracts will be drafted with progress payments falling due throughout the building process and with the final payment being due on “practical completion”. Practical completion is usually when the job is mostly completed, except for minor cosmetic works, and before the Council issues their Code Compliance Certificate (‘CCC’). A CCC confirms the works have been completed in accordance with the building consent.

To protect your position as owner, we recommend at a minimum that the contract is checked and amended in two ways. Firstly, the progress payments should only be enough to cover the work that had been completed up to the date of that payment. Secondly, the final payment should not be paid until after the Council has issued their CCC. This is because the final inspection can determine that more work is required before the CCC is provided. If your builder has already been paid in full, they can be reluctant (or slow) in completing that final work for you.

Related posts

October 8, 2020

Tenancy in Common vs. Joint Tenancy


Read more
September 9, 2020

Buying off the Plan


Read more
March 17, 2020

Retirement Village Living


Read more
Wakefields Lawyers

CONTACT US

04 970 3600
info@wakefieldslaw.com

FOLLOW US

NEWSLETTER SIGN UP

  • This field is for validation purposes and should be left unchanged.

MENU

  • Privacy Policy
  • Website Terms of Use
  • Terms of Engagement
© 2020 Wakefields Lawyers. All Rights Reserved. Wellington SEO by Media Giant.
  • Home
  • Services
  • About Us
  • Resources
  • Payment
  • Blog
  • Contact