Publication - Independent report
Cash retention under construction contracts: short life working group final report and recommendations
Final report and recommendations from short life working group on cash retention under construction contracts.
7. Next Steps
|Establish Business Case and deliver a Retention Deposit Scheme – this is a key priority - early discussions with stakeholders should be undertaken to develop the scope for delivery and thereafter a tendering process to identify the most suitable organisations to develop a detailed Business Case.
Should a suitable Business Case be established bring forward legislation to establish a statutory custodial retention deposit scheme
|Develop Best Practice Guidance – working with industry, agree and record best practice guidelines and develop a best practice policy note including guidance for all contracting authorities to publish their retention policy and report and monitor compliance.
Work with professional institutes including RICS/RIAS to help disseminate best practice guidance and appropriate training to ensure this is relayed to their members who are integral to the advice given to clients/contactors about assurance.
|Ensure retentions best practice is included in Construction Accord – work with the Construction Accord leads and the Construction Leadership Forum to ensure retentions best practice is included within the final iteration of the Construction Accord (in development).||31.12.2021|
|Construction Contracts – work with industry (RICS, RIAS, construction lawyers, Clients etc) and the Scottish Building Contracts Committee (SBCC) to consider how retentions best practice can be better reflected within standard construction contracts.||31.01.2022|
|Promote best practice – Develop and host an industry conference/series of webinars which focus on the implementation of retention best practice including conflict avoidance.||31.03.2022|
|Wider Support – Invite Government Enterprise Agencies and Business Gateway, possibly alongside CivTech, to work with the construction industry to help businesses deliver efficiency opportunities. Scottish Enterprise should set out an action plan for this work and submit this to the Minister during the summer.||30.09.2021|
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