NEED FOR A CONSTRUCTION CONTRACTS BILL

That this House notes that the construction industry produces almost 10 per cent. of gross national product and is made up of more than 200,000 companies and a workforce of over one and a quarter million people; welcomes the proposals put forward by the Latham Report to improve the relationship between clients, contractors and subcontractors in the construction industry and improve value for money by an estimated 30 per cent. over the next five years and so encourage an increase in construction activity; notes the crucial role that a Construction Contracts Act would play in the implementation of the report's findings, recognising that it will reduce commercial red tape, and improve payment security by reducing payment abuse, introduce trust funds, and provide for a system of speedy and inexpensive dispute resolution; and therefore requests that Her Majesty's Government considers the introduction of a Construction Contracts Bill during the next Parliamentary session, as recommended in the Report.