Amendments to the NSW Security of Payment Act
Guardian Property and Construction
Construction, Property, Property for Sale
In November 2013, the NSW parliament passed the Building and Construction Industry Security of Payment Amendment Act 2013 (NSW)(“Amendment Act”) amending the Building and Construction Industry Security of Payment Act 1999 (NSW) (“Principal Act”).
Once proclaimed, the Amendment Act will bring about some significant changes that will affect companies operating in the building and construction industry.
One such significant change is that there will no longer be a requirement to endorse payment claims with the magic words “This payment claim is made under the Building and Construction Industry Security of Payment Act 1999.”
Practitioners and industry experts are already anticipating that this amendment may give rise to a number of issues, particularly in identifying what constitutes a valid payment claim for the purposes of both the Amendment Act and the contract.
Some other significant amendments include:
• New sub-sections for what is known as Supporting Statements;
• Amendments to the Times for Payment; and
• Retention money reforms
There can be no doubt about it - Change is coming! Is your company ready?
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