The new $20 billion ‘vision’ for Pyrmont
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15 November 2019
Changes to the Building and Construction Industry Security of Payment Act are now in place for contracts entered into on or after October 21st 2019.
The building and construction industry have set payment requirements that principals, head contractors, subcontractors and suppliers must follow.
All contractors undertaking construction work or providing goods or services under a construction contract, have the right to receive ‘progress payments’ for work delivered.
For new contracts, the entitlement to a progress payment is no longer prompted by a ‘reference date’. Instead, a person is entitled to a progress payment if work has been performed or was undertaken to be performed.
Here are the key changes you need to know about:
Changes apply to all construction contracts from 21 October 2019.