Security of Payment changes

ON 21 APRIL 2014, changes to the Building and Construction Industry Security of Payment Act 1999 took effect with the commencement of the Building and Construction Industry Security of Payment Amendment Act 2013 No 93.

Click to access bacisopaa2013n93713.pdf

http://www.austlii.edu.au/au/legis/nsw/num_act/bacisopaa2013n93713

The changes include:

  • prompt or maximum payment terms for progress payments
  • a requirement that head contractor claims have a supporting statement declaring subcontractors engaged have been paid what is due and payable
  • a removal of  the requirement that a claim state that it is made under the Act

https://www.procurepoint.nsw.gov.au/supplying/security-payment

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