Payment Security Solutions
Australia’s Building and Construction Security of Payment Act
The object of the NSW Government’s Building and Construction Industry Security of Payment Act 1999 No 46 (and the respective and similar Queensland Act) is to ensure that any person who carries out construction work or provides goods and services under a construction contract is entitled to make progress Payment Claims and receive payment every month, even where the contract has no provision for progress payments. The Act also assists in obtaining final payment and release of retention money. The Security of Payment Act is created to allow the supplier of goods and services to be paid in good time for the works done as per the agreement or contract. Definitions Adjudicator in relation to an adjudication application, means the person appointed in accordance with this Act to determine the application. Authorised Nominating Authority means a person authorised by the minister under Section 28 to nominate persons to determine adjudication applications. Claimant means a person by whom a payment claim is served under Section 13. Construction Contract means a contract or other arrangement under which one party undertakes to carry out construction work, or to supply related goods or services, for another party. Respondent means a person on whom a payment claim is served under Section 13. Scheduled Amount means the amount of a progress, final or retention payment that is proposed to be made under a payment schedule, as referred to in Section 14. Payment Security Solutions
