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Posted Feb 01, 2016 Major Reforms proposed to HBCF and SOPA

The NSW Government (Government) announced late in 2015 that they would be conducting reviews into: a)Reform of the Home Building Compensation Fund; and b)Reform of the Security of Payment legislation. Discussion papers have been issued by Fair Trading to canvas several reform options and to seek input from industry participants on any proposed reform. The…

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Posted Oct 20, 2015 NSW Security of Payment legislation – Supporting Statements, more paperwork?

As is now well known, amendments to the Building and Construction Industry Security of Payment Act 1999 (NSW) (“the Act” ) commenced on 21 April 2014. For contracts entered into after 21 April 2014, Principals and Contractors will need to ensure their procurement and payment systems comply with the amendments to the Act. This article…

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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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