Significant changes proposed for security of payment legislation in NSW

In brief - Proposed reforms designed to promote cash flow for subcontractors and transparency in contracting chain

A bill proposing significant changes to the Building and Construction Industry Security of Payment Act 1999 (NSW) has been introduced to NSW parliament.

Government striving to provide greater protection for subcontractors

On 24 October 2013 the Building and Construction Industry Security of Payment Amendment Bill 2013 was introduced into the NSW parliament, proposing amendments to the Building and Construction Industry Security of Payment Act 1999 (Act).

The Bill, if passed by both houses of parliament, will effect significant changes to security of payment legislation in NSW in a bid by the government to provide greater protection for subcontractors and promote cash flow and transparency in the contracting chain.