sec.67MLimits on deductions for retention amounts

### sec.67M Limits on deductions for retention amounts This section applies if— an amount (the relevant amount ) is payable by the contracting party for a building contract to the contracted party for the building contract; and the relevant amount relates to carrying out building work under the contract; and the relevant amount, except for a retention amount for the building contract that is withheld, is paid to the contracted party. The building contract is subject to a condition that the retention amount withheld is to be not more than 10% of the relevant amount. s 67M ins 1999 No. 43 s 29 (sec.67M-ssec.1) This section applies if— an amount (the relevant amount ) is payable by the contracting party for a building contract to the contracted party for the building contract; and the relevant amount relates to carrying out building work under the contract; and the relevant amount, except for a retention amount for the building contract that is withheld, is paid to the contracted party. (sec.67M-ssec.2) The building contract is subject to a condition that the retention amount withheld is to be not more than 10% of the relevant amount. - (a) an amount (the relevant amount ) is payable by the contracting party for a building contract to the contracted party for the building contract; and - (b) the relevant amount relates to carrying out building work under the contract; and - (c) the relevant amount, except for a retention amount for the building contract that is withheld, is paid to the contracted party.