Articles

Posted Apr 14, 2015 News Alert: Retention Money Trust Scheme to commence from 1 May 2015

The Building and Construction Industry Security of Payment Amendment (Retention Money Trust Account) Regulation 2015 (NSW) The Building and Construction Industry Security of Payment Amendment (Retention Money Trust Account) Regulation 2015 (NSW) (the retention money trust account regulations) is set to commence in New South Wales from 1 May 2015 (the retention money trust scheme). […]

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Posted Apr 14, 2015 NSW Supreme Court reviews Reference Date for Post Termination Security of Payment Act (SOPA) claims and the meaning of “Construction Work”

The facts Patrick Stevedores and McConnell Dowell entered into a construction contract on 13 March 2014, which was terminated for convenience by Patrick Stevedores on 24 April 2014. On 30 June 2014, McConnell Dowell served a payment claim on Patrick Stevedores. There was an arithmetic correction provided on 1 July 2014 for the sum of […]

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Posted Apr 14, 2015 Newsflash: Senate has announced Inquiry into insolvency in the Building and Construction Industry

On 4 December 2014, the Senate announced an Inquiry into insolvency in the Australian Construction Industry. The Inquiry will be conducted by the Senate Economic Reference Committee and the terms of reference include a review of the following: The cause of insolvency in the construction industry; The amount of money lost by secured and unsecured […]

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Posted Sep 10, 2014 Recent Home Building Act Amendments

On 5 June 2014 the Home Building Amendment Bill 2014 was passed by NSW parliament. Changes to the Act have been introduced to reduce unnecessary red tape for the industry as well as to ensure appropriate protection for consumers. There are over 50 reforms included in the Home Building Amendment Bill 2004. The amendments include […]

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Posted Apr 03, 2014 Security of Payment Update

The Government has announced that the changes to the Building and Construction Industry Security of Payment Act 1999 will commence on 21 April 2014. Changes being implemented The changes being implemented on 21 April 2014 will include: The introduction of a maximum payment term for progress payments; The requirement that payment claims made by a […]

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