UK Retention Deposit Scheme

Another week, another insolvency. This week, Octagon Developments Limited joined 2024's glut of construction/developer redundancies, joining LANSGROVE, BECK Interiors and of course ISG in calling in the administrators. Another raft of retentions, no doubt, lost to the ether. This has to stop. 1️⃣ Support the Retention Protection Pledge (link in comments) 2️⃣ Tell your friends 📣 3️⃣ Demand that your retention is placed in escrow - it's YOUR money. 4️⃣ (Stand by in January 2025 for the launch of UK Retention Deposit Scheme, offering totally free retention protection for all contracts >£50,000) #constructionretentions #construction #retentions #retentionprotectionpledge #retentiondepositscheme

🚨 New Legislation Alert 🚨 Construction companies will need to confirm if/how they use retentions and how much they hold... The Reporting on Payment Practices and Performance (Amendment) (No. 2) Regulations 2024 requires large construction companies (exceeding two or more of >£36m turnover, £18m balance sheet or 250 employees) to report on the retentions they hold, what their process/formula for doing so is, and whether the retention they hold from their downstream supply chain exceeds that withheld by their upstream employers. Link to the text in the comments. #construction #retentions #constructionretentions #retentionreform

Just one week in, we are delighted to have amassed over 100 followers and 14 supporters of the Retention Protection Pledge. Please like, share, repost and follow to help us spread the word. Our Members and Supporters commit to fair retention practices, acknowledging the impact of retentions on supply chain partners and promoting transparency and financial security. We seek to reform retentions, one contract at a time, by encouraging paying parties to waive or protect the retentions they withhold. Find out more and support the pledge for free - link in comments. #constructionretentions #retentionprotectionpledge #construction #retentions

"Waive it, or protect it." We support ethical practices, financial fairness, and the long-term sustainability of the construction industry. Here's what we're committing to, and asking others to commit to as well: - No retentions for contracts under £100,000 💸 - 100% payment to supply chain partners on a monthly basis 🗓️ - Retention protection in escrow or retention deposit schemes like UK Retention Deposit Scheme for contracts over £100,000 🔒 - Transparent communication and clear contractual terms 📜 - Timely release of retained funds upon completion of work ⏱️ - Advocacy for ethical and fair practices within the industry 🌍 #WIOPI #construction #retentions #FairPayment #RetentionDepositScheme