Security Of Payments Act NSW Changes To Commence In 2019

The Changes are:

  • introduce maximum payment terms for progress claims made under the Security Of Payments Act NSW
  • require that payment claims made under the Security Of Payments Act NSW by a head contractor include a supporting statement declaring that all subcontractors have been paid what is due and payable up until the time of making the claim
  • remove the requirement of the endorsement that states a payment claim is being made under the Security Of Payments Act NSW.
  • statutory adjudication process
  • compliance and director penalties
  • code of practice for authorised nominating authorities

How These Changes will Affect Claimants:

  • Better Payment Terms
  • All invoices are now claims made under the Security Of Payments Act NSW
  • Contractors cannot claim for subcontractors work without paying them for that work

How These Changes Will Affect Respondents:

  • Limit on Payment Terms to subcontractors and from Principal Contractors.
  • Payment Schedules must be served in response to all invoices
  • Hefty penalties for falsifying subcontractor statements

What These Changes Mean For Principal Contractors:

  • Principal Contractors must ensure they are not paying contractors without receiving a valid Subcontractor Statement

To understand how these changes will affect your business call for a personalised run down on the positives and negatives call and speak to a Security OF Payments Act NSW Expert on 1300732687

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