Supporter

N.E.J. Stevenson Ltd

Designers and makers of fine furniture and architectural joinery.

Retention Protection Pledge Supporter

Retention Protection Pledge

We recognise the vital role that fair payment practices play in fostering a sustainable and collaborative construction industry.

In particular, we acknowledge the impact of construction retentions on the cash flow and financial stability of our supply chain partners.

To promote fairness, transparency, and financial security, we hereby commit to the principles outlined in this charter.

Principle 1 - Waiving Retentions for Smaller Contracts

We believe in waiving or not requiring retentions for contracts with a total value of up to £100,000. We agree to waive any rights to retain funds from our supply chain partners.  Supply chain partners will be paid 100% of the amounts due on a month-to-month basis, without any deductions for retention.

Principle 2 - Protection Retentions for Larger Contracts

For all contracts with a total value exceeding £100,000, we agree to deposit any retention monies withheld into an independent, third-party escrow or managed retention deposit scheme. Retentions will be safeguarded to ensure that they are available for release upon satisfactory completion of works, protecting supply chain partners in the event of the paying party's insolvency.

Principle 3 - Committing to Fair Practice

Transparency: We will maintain open and honest communication regarding retention practices and ensure all contractual terms relating to retention are clear and readily understandable.

Timely Release: Any retention withheld and protected will be released promptly upon the fulfilment of contractual obligations and in accordance with the agreed timelines, in any event releasing not less than 50% on practical completion.

Advocacy: We will promote the principles of this charter within the industry and encourage other organisations to adopt similar commitments.

How will you support the pledge?

We welcome and encourage support from all construction sector participants, from Employers, developers and Government, to designers and consultants, main contractors, sub-contractors, specialists, suppliers and all of the professional services providers who, in turn, support them.

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Any construction sector participants
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£TBC/year

Any paying parties under construction contracts in the UK
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Consultation on development of this charter