Security Of Payments Act NSW Payment Claim
Security Of Payments Act NSW payment claims are not just invoices with and endorsement on them. There is much more to it than that.
Security Of Payments Act NSW Essential Details Of A Payment Claim:
- Making a claim under a an agreement or arrangement which is a construction contract within the meaning of the Security Of Payments Act NSW
- An available reference date. That is: when you can serve your claim.
- What should your Payment Claim contain to be a valid claim under the Security Of Payments act NSW. In other words: How to format your claim.
- Contract works, variations, extension of time / preliminary costs, retentions: How much you should claim.
- There are rules of service that must be complied with: How to serve your claim.
- The Security Of Payments Act NSW process is all about strict timelines. When is the due date for payment of your claim. This is important for knowing when to the next stage and for calculating interest.
- Serious consequences for being out of step with the prescribed time lines: What happens if you don’t receive payment within 1o business days of serving your claim.
Security Of Payments Act NSW 2013 Amendments
- These Amendments apply to Building & Construction Contracts entered into on or after 21 April 2014
- Payment Claims no longer need an endorsement stating thay are a claim under the Act to invoke the Act
- Head Contractors Payment Claims are not deemed served until a Supporting Statement is served
- Maxim time for payment for Head Contractors Claims is now 15 business days
- Maximum time for payment for Contractors Claims is now 30 business days