Security of Payment laws survey
A discussion paper has been released on the Building and Construction Industry Security of Payment Act 1999.
Security of payment laws are designed to ensure that a person can receive payment under a construction contract for carrying out construction work or providing any goods and services related to that work.
The paper covers topics including:
- progress payments
- how payment claims are made
- payment due dates and schedules
- suspension of work when claims are not paid
- retention monies
- adjudication of disputes
- other issues concerning security of payment laws.
You can also have your say by taking part in NSW Fair Trading’s 10-minute online survey. This is the simplest and quickest way to contribute valuable feedback on how to improve the laws. This feedback will help NSW Fair Trading thoroughly consider the needs and experiences of the industry, and ensure the laws function as effectively as possible in future.
The Property Council will make making a submission on the Discussion Paper.
Submissions on the Discussion Paper and responses to the online survey close on 26 February 2016.