Jaclyn Fenby, Senior Lawyer
The NSW Government is currently seeking public and stakeholder feedback on proposed reforms to the Building and Construction Industry Security of Payment Act 1999 (Act).
The Building and Construction Industry Security of Payment Act 1999 (Act) aims to ensure that a person can receive payments under a construction contract for carrying out construction work or providing goods and services related to construction work.
The Act is designed to facilitate prompt payment for contractors and subcontractors and provide a fair and quick process for resolution of payment disputes.
A discussion paper regarding reforms to the operation of the Act was released in late 2015. The proposed reforms follow a considerable period of consultation with stakeholders since this time.
The stakeholder feedback revealed that while there is strong support for this Act to continue, there is room for improvement within the Act to ensure that it more effectively meets its objectives.
The key reforms include:
Consultation on the proposed amendment bill and the consultation paper closes on 18 September 2018.
If you would like to discuss any issues you may have with respect to The Building and Construction Industry Security of Payment Act 1999 (Act), please contact Jaclyn on 02 6583 0436 or email@example.com