impact your project.
The Building and Construction Industry Security of Payment Act 1999 seeks to ensure that those who complete construction work under construction contracts have an enforceable and statutory right to progress payments. Contractors and builders to safeguard payment through a simple and prompt procedure use the Act, often referred to as the security of payment legislation. Obtaining payment through the security of payment legislation will usually evade the requirement to initiate costly proceedings through a court or with the extensive use of a solicitor.
The security of payment legislation establishes a procedure whereby a contractor or builder is able to recover progress payments through a cost effective and efficient procedure in order to reduce the effects of non-payment in their day-to-day activities. This is regardless of whether the construction contract makes provision for progress payments or not. The procedure involves:
Many contractors and builders approach CM Lawyers for assistance obtaining progress payments through the security of payment legislation. Our team delivers comprehensive and practical legal advice based on a solid and thorough understanding of the intricacies and nuances of building law and construction law.
Contact us today to speak to a Sydney solicitor about any questions you may have regarding the Security of Payment Act.