NSW Fair Trading have invited the public to put forward ideas of how to improve Security of Payment Laws.
NSW Fair Trading summarise Security of Payment Laws as laws “designed to ensure that a person can receive payment under a construction contract for: carrying out construction work or providing any goods and services related to that work.”
NSW Fair Trading have released a new online survey as well as a discussion paper. The online survey is a follow up to a previous online survey that was released last August, to find out what areas of the Building and Construction Industry Security of Payment Act 1999 (NSW), are of interest to industry groups and their members.
The NSW Fair Trading website states that the purpose of the discussion paper is to “guide discussion about whether the current laws are working as they should and outline potential options for improving them.” The topics that the discussion paper covers, includes but is not limited to: how payment claims are made, payment due dates & schedules, suspension of work when claims are not paid, retention monies and adjudication of disputes.
The public have been provided with the option to both complete the online survey and to make a submission if they wish. Both the online survey and submissions close on Friday (Feb 26).
More information, including where to find the online survey and discussion paper, as well as where and how to make a submission, can be found here.
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