After industry consultation, ministers have agreed to include fresh requirements to report retention records in six monthly returns.
There will also be a new value metric, so businesses can see the value of invoices, including invoices paid late, and a disputed invoices metric.
The new regime is expected to include:
• the average number of days taken to make retention payments in the reporting period, after practical completion and end of contractual defects liability period;
• the percentage of retention payments made within the reporting period, which were paid in 30 days or fewer, between 31 and 60 days, and in 61 days or longer;
• the percentage of retention payments due within the reporting period which were not paid within the agreed payment period; and
• the average value of retention held per construction contract (% of contract value).