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Understanding Retentions in Construction Contracts

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In the complex world of construction contracts, various terms and provisions can often cause confusion. One such aspect is retention, which significantly manages financial risks and ensures project completion. An article from Bizprac provided a comprehensive understanding of retentions in construction contracts, shedding light on their purpose, mechanics, and implications. What are Retentions? Retentions are …

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Complying with the Expanding Project Trust Account Framework in Queensland

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The Expanding Project Trust Account Framework in Queensland will provide an added level of security for payment to smaller construction companies. As of 1 January 2023, most construction industry payments will be made via a trust account. However, the new scheme will also add more administrative and financial burdens and penalties for non-compliance. Thus, document …

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