Security Of Payments Act
The purpose of this website is to provide assistance to people and businesses who need to :
Make A Claim
Apply For Adjudication
Enforce A Judgement
Defend A Claim
Security Of Payments Act Is a Fast 3 Step Process
“The object of the Security Of Payments Act is to ensure that any person who undertakes to carry out construction work (or who undertakes to supply related goods and services) under a construction contract is entitled to receive, and is able to recover, progress payments in relation to the carrying out of that work and the supplying of those goods and services.”
This site provides a free Building & Construction Industry Security Of Payments Act guide to assist you in determining where you are at in the process and what is your next step.
The Security Of Payments Act is state based legislation. Click on your state below for information about the Security Of Payments Act regulations that apply to your claim.
Making a claim under the Security Of Payment Act and the BCIPA starts with serving a valid payment claim. Use the Online Claim Form button to your right or below to commence the process that will lead to adjudication and a fast enforceable judgement.
The Building & Construction Industry Security Of Payments Act legislation that applies is determined by which state where the construction work was carried out.
Security Of Payments Act NSW
Proposed changes to the Building & Construction Industry Security Of Payment Act 1999 NSW Legislation include requirements that have been detailed in the draft Regulation which was open to the public for comment up to 15 January 2015, and which would apply to new contracts formed between head contractors (or principals) and subcontractors for non-residential building projects worth over $20 million after the date of proclamation which will be set after the changes to the legislation have been passed by the NSW Parliament.
The proposed changes to Security Of Payments Act NSW are:
• Head contractors will be required to deposit subcontractors’ retention monies into approved bank accounts with approved deposit-taking institutions.
• These Retention monies will not be available to head contractors for their general use.
• Fines of up to $22,000 for breaches of the proposed Regulation will apply .
• Head contractors will be required to undergo an annual audit for each account in operation.
• Compliance officers will be empowered to investigate and obtain information on individual accounts where complaints are made in respect of Security Of Payments Act NSW claims.
We welcome your feedback on how the Security Of Payments Act NSW and it’s processes can be improved.