The Building & Construction Industry Security for Payments Act 1999 (NSW) was introduced to ensure any person who carries out construction work or supplies related goods and services under a construction contract gets paid in a timely manner. It ensures that all contractors are entitled to receive progress payments for good and services that have been delivered, whether the contract is written, oral, or both.
In NSW, the relevant legislation is the Building and Construction Industry Security of Payments Act 1999 (NSW). The legislation sets out payment requirements in the building and construction industry that principals, head contractors, subcontractors and suppliers must follow.
Under the Act, all contracts providing goods and services as part of construction work or under a head construction contract, have the right to receive progress payments for work performed.
If you would like more information on making a claim under the Security for Payments Act and the processes involved, we recommend that you visit the Security for Payments Act section in the Fair Trading website.
Otherwise, if you are ready to make a claim, would like further advice or assistance with making a claim under the Security for Payments Act, or you need to update your terms of trade to capture the provisions of the Security for Payments Act, contact Rockliff Snelgrove Lawyers in Sydney today.