Topic 1: Overview of the Building and Construction Industry (Security of Payment) Act 2021
- New security of payment laws to create more structure and transparency to payment rights under contracts and a more effective means for contractors to recover payments owed;
- A retention trust scheme to better protect subcontractor retention money in the event of insolvency or dispute on a project;
- Excluded contractors – expanding the powers of the Building Services Board to take action against registered builders and other providers who fail to pay debts to subcontractors and to remove those with a history of financial failure; and
- Fairer contracting practices to rebalance the allocation of contractual risk in the industry.
Building and Energy cannot assist you with preparing documents required under the Act. If you are unsure how to proceed under the Act, refer to the information available on the Building and Energy’s website, or seek professional advice.
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