Security Of Payments Act NSW Payment Schedule
This is a document that must be served by a respondent in response to a payment claim that has been served by a claimant that must set out how much of the claimed amount is going to be paid and if thats not the full amount the reasons for withholding full or part payment.
Security Of Payments Act NSW Essential Details Of A Payment Schedule:
- If you receive a Payment Claim you must either pay it in full or serve a Payment Schedule within 10 business days. It is wise to serve a payment schedule in time even if you have not contracted with the claimant.
- For a Payment Schedule to be valid under the Security Of Payments Act NSW it must identify the Payment Claim to which it relates and must schedule an amount to be paid and if a respondent is withholding payment it state the reasons for withholding payment.
- How to affect proper service of a Payment Schedule – this is critical.
- There are very serious consequences as a respondent if you ignore a Payment claim.
- A respondent cannot defend themselves at Adjudication if they don’t serve a Payment Schedule hat is valid under the Security Of Payments Act NSW
- For help on how to prepare a strong Payment Schedule contact us as soon as you receive a payment claim made under the Security Of Payments Act NSW – time is of the essence.