Tackling Retentions Webinar and Guidance

A FREE WEBINAR on retentions is being held by the NEC on Monday 16 January 2023 at 2pm.

The retentions webinar follows the publication of joint guidance on retention clauses in November 2022 by the Construction Leadership Council and NEC.

The NEC webinar will support the new guidance and provide an opportunity to learn more.

The guidance on retention clauses is under NEC3 and NEC4 Engineering and Construct Contracts, and subcontracts.

Tackling Retentions Webinar

Unlike many standard form contracts, retentions under the NEC form are optional. The webinar will provide a guide to the use of Option X16 in NEC contracts. It will explore what and when alternatives to retentions should be used and explore the advantages and disadvantages of using retentions generally.

In 2018, a government consultation found 71% of the contractors surveyed reported having experienced delays in receiving retentions back. It was estimated that between £3.2 – £5.9 billion is retained annually in the construction sector, in England alone.

The NEC says that the issue of retentions is therefore one of crucial economic importance to the industry. The government and the Construction Leadership Council are both actively considering the issue in the context of procurement and contractor performance.

Register for the free webinar on the NEC site.

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