Security Of Payments Act Updates

Security Of Payments Act NSW changes passed through the NSW Parliament in October 2013.

The three amendments are:

the introduction of maximum payment terms for progress payments, ie: 15 business days and 30 business days;
the requirement that when payment claims are made by a contractor they must include a supporting statement that declares that all subcontractors have been paid what is due and payable to them at the time of making the claim; and
that an invoice will no longer need to have the endorsement that it is being made under the Act to be a valid payment claim.

The Building & Construction Industry Security Of Payments Act 1999 is the New South Wales Legislation which enables contractors, subcontractors, consultants and suppliers who have completed construction work and or supplied related goods and services to press for their entitlements under the Construction Contract.

This a Guide for Building & Construction Contractors who need to make a claim under the Security Of Payments Act because a dispute has arisen and / or the debtor’s cash-flow is under pressure and he is slow making payment.