sec.31BWhat are the beneficial interests in a retention trust

### sec.31B What are the beneficial interests in a retention trust The beneficiaries of a retention trust have a beneficial interest in— for the contracted party as beneficiary—all retention amounts held in the trust that were withheld from payment to the contracted party; or for the contracting party as beneficiary—all amounts held in the trust after subtracting the beneficial interests mentioned in paragraph (a) . The contracting party’s beneficial interest will generally only exist once the contracted party’s beneficial interest has ended under subsection (2) . However, the contracted party’s beneficial interest in a retention amount ends— if and when the contracting party becomes entitled to be paid the amount under the relevant contract; and to the extent the contracting party becomes entitled to be paid the amount under the relevant contract. The contracting party becomes entitled under the contract to be paid a retention amount to pay for corrections to defects in the contracted work. s 31B ins 2020 No. 24 s 63 (sec.31B-ssec.1) The beneficiaries of a retention trust have a beneficial interest in— for the contracted party as beneficiary—all retention amounts held in the trust that were withheld from payment to the contracted party; or for the contracting party as beneficiary—all amounts held in the trust after subtracting the beneficial interests mentioned in paragraph (a) . The contracting party’s beneficial interest will generally only exist once the contracted party’s beneficial interest has ended under subsection (2) . (sec.31B-ssec.2) However, the contracted party’s beneficial interest in a retention amount ends— if and when the contracting party becomes entitled to be paid the amount under the relevant contract; and to the extent the contracting party becomes entitled to be paid the amount under the relevant contract. The contracting party becomes entitled under the contract to be paid a retention amount to pay for corrections to defects in the contracted work. - (a) for the contracted party as beneficiary—all retention amounts held in the trust that were withheld from payment to the contracted party; or - (b) for the contracting party as beneficiary—all amounts held in the trust after subtracting the beneficial interests mentioned in paragraph (a) . Note— The contracting party’s beneficial interest will generally only exist once the contracted party’s beneficial interest has ended under subsection (2) . - (a) if and when the contracting party becomes entitled to be paid the amount under the relevant contract; and - (b) to the extent the contracting party becomes entitled to be paid the amount under the relevant contract. Example of when the contracting party becomes entitled to be paid a retention amount— The contracting party becomes entitled under the contract to be paid a retention amount to pay for corrections to defects in the contracted work.