The New South Wales Parliament voted in favour of amendments to the Building & Construction Security Of Payment Act 1999 in October 2013.
The Security Of Payments Act NSW 2013 Amendments Are Expected To Be Proclaimed Sometime In April 2014
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.
These changes will have significant implications for both Claimants and Respondents.
The full Government release of the proposed changes is available at Security Of Payment Act NSW
Once the Security Of Payments Act NSW 2013 Amendments are proclaimed and the final detail of the changes is available we will provide a comprehensive report on how both Claimants and Respondnets will need to deal with changes in their businesses.
Check back regularly until we release our report – you will find a link to it here so bookmark this page.
For all the support and assistance you need to work you way through Security Of Payment Act NSW in your business go to this link and select the appropriate topic for further details and support.