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Security of payment from 30 March 2007
The
Building and Construction Industry Security
of Payment Act 2002 establishes a process
to provide contractors with a quick and inexpensive
way to get paid or recover money owed to
them. It applies to construction projects
in Victoria, whether private or public sector.
The Act came into effect on 31 January 2003
and was amended in 2006 to make it more effective
in recovering payment claims. The amended
legislation applies only to contracts entered
into on or after 30 March 2007.
Similar legislation has been enacted in
New South Wales, Queensland, Western Australia
and the Northern Territory. The United Kingdom,
Singapore and New Zealand also have Security
of Payment legislation.
Download
the Payment Scheme Flowchart
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The Security of Payment
scheme