- Posted by Doyles
- On September 17, 2015
- 0 Comments
- Security of Payment Acts
The Building and Construction Industry, Security of Payment Acts (the Acts) now in force in most Australian States are causing a radical re-think of many traditional project management and contract management processes. The Acts apply to every business involved in Building and Construction including contractors, subcontractors, clients, suppliers and professional firms.
However, the consequences and impact of these Acts is far from certain and little understood in the general community (with the possible exception of NSW). The first part of this paper provides a brief overview of the functions of the Acts. The middle part will look at the current state of uncertainty surrounding the interpretation of the Acts. The final part will look at some of the issues and risks facing professional service providers in the construction industries where the Acts apply. In conclusion it suggests some potential options open to construction industry professionals to address and manage the impact of the Acts on projects in which they are involved.
Author: Jim Doyle Dip.CE, MIE (Aust), BEc (Hons), LLB (Hons). Partner, Doyles Construction Lawyers
Tel: (02) 9283 5388