Insurance contracts act nz
The Fair Trading Act helps us protect you against unfair terms in standard form consumer contracts. If the contract is for goods or services that you would normally acquire for personal or domestic use, then it is likely to be a standard form consumer contract. The Construction Contracts Amendment Act 2015 (CCAA) and the Regulatory Systems (commercial Matters) Amendment Act 2017 put in place new requirements for protecting retention money. From 31 March 2017, retention money withheld under commercial construction contracts must be held on trust in the form of cash or other liquid assets readily converted into cash, unless a financial instrument is purchased.