Every day, individuals and organisations enter into contracts for building and construction – and sometimes disputes arise over payments.
The Building Industry Fairness (Security of Payment) Act 2017 (known as the BIF Act) which commences on 17 December 2018 helps ensure that any person who carries out construction work or supplies related goods and services under a construction contract gets paid.
The objective is to improve the security of payment for subcontractors in the building and construction industry by providing effective, efficient and fair processes for securing payment.
The new security of payment provisions does not apply to contracts to carry out domestic building work with a resident owner.
The following video provides further information on how you may be impacted by the new security of payment provisions and how to prepare for the change.