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Posted 22 October 2019
Category: Strata
With media reports of record insolvency levels in the constructions industry, the NSW Government has moved to tighten up the ability of Security of Payment legislation to improve cash flow and payment terms within the industry.
The following changes apply from 21 October 2019:
We expect builders and developers to be the more likely target for the exercise of these powers, but there is no such limitation in the legislation. So it is possible that strata managers may need to respond to such investigations.
For example, a payment claim must not be served with a “supporting statement” in the prescribed form declaring that all subcontractors have been paid the construction work concerned. Knowingly making a false declaration is punishable with an $11,000 fine for a corporation, and potentially $2,200 and or 3 months imprisonment for a director or manager of the company.
Other areas where penalties apply include obligations with respect to payment holding requests and funds held in trust including retention monies.
Strata Managers need to be aware that a ‘payment withholding request’ requiresowners to hold back a specified sum of money from the contractor upon receipt of a request from a contractor’s subcontractor claiming monies owed from the contractor.
Further articles on the management of security of payment claims and adjudications can be found on the Bannermans website here.
***The information contained in this article is general information only and not legal advice. The currency, accuracy and completeness of this article (and its contents) should be checked by obtaining independent legal advice before you take any action or otherwise rely upon its contents in any way.