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SEC looks to the Olympics as retentions decline

WHILE over 12% of construction contracts, by turnover, are now retention free, the Specialist Engineering Contractors (SEC) Group has voiced concerns that there are still too many contractors insisting on retentions, even though clients are not requiring them.
'Last year, the National Audit Office expressed its disapproval of the practice of retentions by stating that they had an adverse impact on the industry's capacity,' commented SEC Group chief executive professor Rudi Klein.

'My estimate is that over 12% of construction, by turnover, is now a retention-free zone.

'However, I remain concerned that there are still too many lead contractors demanding retentions, even where their clients are not requiring them.'

Professor Klein added that SEC Group awaited a clear message from the Olympic Delivery Authority that retentions will not be used on any Olympic project.

'If trust and collaboration are to underpin Olympic delivery, retentions - which are the antithesis of trust - are wholly inappropriate,' Professor Klein insisted.

The SEC has now updated its list of clients that no longer include retention clauses in their construction contracts.

Latest additions to the full list, which can be found at www.secgroup.org.uk , includes ALDI (food stores), ARENA (housing association), Circle 33 (housing association), DeVere Hotels (on framework agreements for capital projects), the Environment Agency, the Highways Agency, IKEA, Luminar Leisure, and Yorkshire Water.

The IOR Annual Conference – a conference on-demand

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  01-Apr-2021

Evaporative cooling leader celebrates 50 years

Seeley International, Australia’s largest air conditioning and heating manufacturer and global leader renowned for over-the-horizon, energy-efficient cooling and heating products, is celebrating its golden jubilee in 2022 – 50 years of world-leading ...

  28-Sep-2022

If you need to open a solenoid valve manually, you need a SVOM!

"THE SMALL TOOL WITH A BIG ATTRACTION" Available from Refrigeration Wholesalers If you would like to become a distributor please contact sales@fridgenius.co.uk
  30-Jun-2022
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