Security of Payment Act

What is the Security of Payment Act?

The Security Payment Act in NSW is the Building and Construction Industry Security of Payment Act 1999 (NSW). The primary objective of this Act is to ensure those who undertake construction work, or supply related goods and services, receive and are able to recover payments in a timely manner.

Need help navigating the Security of Payment Act? Reach out to Inkling’s experienced team today.

Frequently Asked Questions

  • Upon receiving a payment claim, the head contractor has 10 business days to response with a payment schedule unless their contract stipulates a shorter period. This schedule should detail how much they intend to pay and, if this amount is less than the claimed amount, provide reasons for the discrepancy.

  • The most recent amendment to the Act was the introduction of the Building and Construction Industry Security of Payment Amendment Act 2018 (NSW), which made several changes to improve the efficiency and fairness of the original legislation.

  • While there is no legal requirement to have a lawyer to enforce the Security of Payment Act, legal advice can be invaluable when navigating the complex construction legal framework.

    The Building and Construction Industry Security of Payment Act 1999 (NSW) is complex with various technical requirements. A lawyer’s expertise can assist in navigating this complicated framework to ensure the correct procedures and timelines are followed for submitting a claim.

  • Here at Inkling Law, we are specialists in construction law, with a focus on fulfilling the needs of small and medium businesses. Our experienced team can assist you in navigating the Security of Payment Act to ensure your rights are upheld and you receive the money you deserve. Get in touch today.