Shopping Centre Security Deposit Issues
Over recent months the Association has raised concerns about the impact that shopping centre security deposits are having on the industry. Whilst we are not in a position to report an immediate resolution to the problem, at least the major centre developers and owners are listening and are now looking at what they can do internally within their respective organisations to ease the burden on shopfitters.
Securing the release of these deposits can at times be delayed due to the failure of works being completed to the satisfaction of the developers and their design criteria. In some cases, those incomplete or non-compliant works may not even form part of the shopfitters contract.
To help avoid delays with the release of their deposit, it is in the shopfitters best interest to very clearly spell out to the developer at the time of lodging the security deposit any aspect of the fitout that is being carried out by their client.