The Building and Construction Industry Security of Payment Act 1999 or the Security of Payment Act NSW is enforced to curtail the instances of insolvency in the building and construction industry in NSW. It allows for the provision of certain rights and protections for the contractors or subcontractors and issuing a statutory mechanism to recover progress payments. The Security of Payments Act NSW is more valuable than ever as an increasing number of contractors/subcontractors are facing challenges to get paid for any of their work on time. Moreover, there is an increasing number of disputes in the building and construction industry in NSW because of the avoidance of payment for work.
Claimants get significant benefits with the Security Of Payments Act NSW, and they should not ignore such robust legislation. The implementation of this Act was intended to ensure continuity of payment to contractors/subcontractors. They otherwise, couldn’t resolve disputes arisen due to and slow or no payment. With the set forth of the Act, contractors/subcontractors can claim for the work they carry out and get paid without the requirement to spend huge amounts of money on lengthy court procedures.
For both commercial and residential settings, we at Adjudicate For You help you in payment disputes and debt recovery issues. Our skilled professionals help you make informed decisions by drafting and reviewing building and construction contracts, like residential contracts, commercial contracts, and subcontractor agreements.
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The Building and Construction Industry Security of Payment Act (SOPA) helps in ensuring that any individual or an organization that executes a construction work or supplies goods for the purpose of construction, gets paid. It was intended to provide a quick and inexpensive method for recovering payments under a construction contract. Contracts between any subcontractor or supplier and a home owner’s building contractor are covered in this legislation. The Act applies to various types of works such as civil engineering, electrical, residential or commercial building, hire of plant and equipment, landscaping, mechanical air conditioning, the supply of building material, plumbing, and maintenance.
For both residential and commercial building work, Adjudicate For You is there to provide you with timely and effective advice for negotiating a building and construction contract.