An initiative by H&V News magazine, the Time for Change campaign, aims to address the long-running of retentions which affects contractors throughout the building services and construction sectors.
Retentions are estimated to account for billions of pounds in the construction sector and many businesses have reported that the lack of protection resulted in lost or delayed payment. This campaign seeks to protect retentions in construction contracts by placing them in a trust, which will help ensure funds are protected and guaranteed to be paid to recipients at the appropriate time and in the long term, improve the image of the industry in general.
An online e-petition has been set up by the magazine for the campaign with the aim of triggering a parliamentary debate. However before a parliamentary debate can be considered, 100,000 signatures are required.
As a company fully dedicated to serving the needs of the contractor community, Jaga supports H&V News in proposing that legislation should be introduced requiring all funds identified as retentions within construction industry project contracts be placed in a trust fund in future.
You can sign up to support the campaign here
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