Building & Construction Industry Security Of Payments Act
Powerful Legislation
For Construction Debt Recovery

Security Of Payments Act Guide

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.

SECURITY OF PAYMENTS ACT LEGISLATION

Each state and territory government administer their own security of payments act legislation. Each of the states legislation can be found by clicking on the following links:

Who Can Use The Security Of Payments Act

‘Security Of Payment’ is the term used to describe the entitlement of building & construction contractors, subcontractors, consultants or suppliers in the contractual chain, to receive the payments that are due to them under a construction contract.

Why Use The Security Of Payments Act

The purpose of the Security Of Payments act is to ensure continuity of payment to building & construction contractors, subcontractors, consultants or suppliers to avoid costly project delays, and stopping principal contractors or contractors from withholding or reducing payment for the benefit of their own cash-flow and profit.

When To Use The Security Of Payments Act

The Security Of Payments Act generally permits building & construction contractors, subcontractors, consultants or suppliers to make one claim per Reference Date (per month). All invoices need to be endorsed as a payment claim made under the Security Of Payments Act for the relevant state or territory.

For more information or assistance contact the Security Of Payments Act Experts to help you through the process.

Ph: 1300 BCISPA  (1300 224 772)