Security Of Payments Act NSW
Laws brought into being the New South Wales Parliament for the benefit of contractors in the NSW building and construction industry
Building & Construction Industry Security Of Payments Act 1999
Debt Collection for building & construction industry subcontractors, contractors, suppliers, consultants who have carried out construction work or supplied goods or related services for a construction project in New South Wales.
The Security of Payments Act NSW is a highly successful, fast, affordable means of solving payment disputes and getting you paid.
The process takes about 6 weeks. The first step is a payment claim which ultimately ends up in adjudication if it is not paid.
To make a claim for payment under the Security Of Payments Act NSW you should have this statement on all of your invoices :
‘This is a payment claim made under the building & construction industry security of payment act 1999’
But that’s not all there is to it – call us on 1300 732 687 to make sure your payment claim is valid before you serve it.
So that is the first step, the Payment Claim.
Once the due date for payment has passed, you can suspend work under the Act, without losing any of your rights or incurring penalties.
Once you have received a payment schedule from the respondent or the prescribed time has passed since serving a second notice you may apply for adjudication.
We will serve a payment withholding request on the principal contractor if this is applicable to you situation.
If your debtor still doesn’t pay once we have obtained a judgement for you we will commence enforcement proceedings for you which may include having the debt reassigned to the principal contractor under Contractor Debts Act 1997.
For a more fuller explanation tailored to your situation visit http://recoup.com.au/nsw-security-of-payment-act/
Security Of Payments Act NSW Enforcement Provisions
If you have been successful at adjudication RECOUP Contractor Debt Recovery can help you obtain an adjudicators certificate, enter judgement in court and enforce the judgement quickly and cheaply.