sec.67NLimits for retention amounts and securities for building contracts after practical completion

### sec.67N Limits for retention amounts and securities for building contracts after practical completion A building contract is subject to a condition that, at any time after, under the contract, practical completion of building work is reached, the total value of the following is to be not more than 2.5% of the contract price for the contract— all retention amounts for the contract that are being withheld; all securities for the contract given and still held. Subsection (1) does not apply to retention amounts or securities to the extent that the retention amounts or securities do not relate to the need to correct defects, identified in the defects liability period for the contract, in the building work for the contract. s 67N ins 1999 No. 43 s 29 amd 2017 No. 43 s 277 (sec.67N-ssec.1) A building contract is subject to a condition that, at any time after, under the contract, practical completion of building work is reached, the total value of the following is to be not more than 2.5% of the contract price for the contract— all retention amounts for the contract that are being withheld; all securities for the contract given and still held. (sec.67N-ssec.2) Subsection (1) does not apply to retention amounts or securities to the extent that the retention amounts or securities do not relate to the need to correct defects, identified in the defects liability period for the contract, in the building work for the contract. - (a) all retention amounts for the contract that are being withheld; - (b) all securities for the contract given and still held.