Security of Payment Act NSW

The Security of Payment Act in Corrimal, New South Wales, is designed to protect contractors in the building and construction industry by facilitating timely progress payments for completed work or supplied services. It outlines a structured process for submitting payment claims, responding with payment schedules, and adjudicating disputes, ensuring that contractors receive the payments they are owed.

This legislation enables contractors to claim payments monthly for work performed, emphasizing the importance of clear documentation and adherence to statutory requirements. With provisions for both formal and informal contracts, the Act aims to streamline payment processes and provide a fair mechanism for resolving payment disputes in the construction sector.

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