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.
Security Of Payments Act NSW Payment Claims Demand Full Payment in 10 Business Days
A payment claim served under the Security Of Payments Act NSW for a contract claim, a variation claim, an extension of time claim or a retention claim is a demand for payment that must receive either full payment or a valid payment schedule. No response to a payment claim served under the Security Of Payments Act NSW can have dire consequences for a respondent.
Security Of Payments Act NSW Prevents Unfair Withholding Of Payment
The Security Of Payments Act NSW works to prevent debtors from withholding payment without genuine reasons permitted under the BCISPA 1999 to increase their profits, supplement their working capital or to sustain their cash-flow. A Respondent must include vaild reasons for withholding payment in a payment schedule served in response to a payment claim.
Security Of Payments Act NSW Adjudication Provides A Fast Track To A Judgement Against Your Debtor.
It is strongly recommended to retain the services of a Security Of Payments Act NSW Specialist to assist with the preparation, service and lodgement of Payment Claims and Adjudication Applications.
A Claimant is entitled to serve a Notice To Suspend Works if the Respondent (debtor) does not pay by the due date for payment. Suspending work under the security Of Payments Act provides protection against claims and back charges from the Respondent.
Your Adjudication Application will need to be lodged with an Authorised Nominating Authority. Your Security Of Payments Act Expert can advise you best on which Authorised Nominating authority to choose. It is the Authorised Nominating Authority’s role to nominate and appoint an Adjudicator to determine your application.
Once your Adjudication Application has been determined you will need to proceed to debt collection if the debtor doesn’t pay on the Adjudicators instruction to do so.
Security Of Payments Act NSW Payment Withholding Requests
The Security Of Payments Act NSW makes provision for a subcontractor, supplier, consultant to bypass the contractor (debtor) and collect payment from the principal contractor by means of the Contractors Debts Act. This is achieved by first serving a Payment Withholding Request and then obtaining a Debt Certificate.
Debt collection with a Security Of Payments Act determination is processed without delay. Judgment can be entered five business days after the Adjudicators Determination has been served on the Respondent. We recommend engaging a Licenced Debt Collector to recover your money through the means provided by the Security Of Payments Act NSW as well as traditional debt collection for contractors methodologies.
For Assistance call 1300 BCISPA (1300 224 772)