The Construction (Retention Deposit Schemes) Bill, as it is officially called, has been published ahead of its second reading on Friday 27th April 2018.
Until now, we have only know the broad intention of the bill – that retention monies will have to be held in third party trust. Only now can lawyers analyse the actual detail.
The bill, as currently written, stipulates that, unless the monies are protected, any clause in a construction contract enabling the deduction of cash retentions, will be invalid. Cash retentions will have to be safeguarded within a retention deposit scheme. The bill will apply to the whole of the UK.
The full text can be seen at: https://publications.parliament.uk/pa/bills/cbill/2017-2019/0148/18148.pdf
Should it pass its second reading in the Commons and move on to committee stage, it may be subject to amendments.