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ARTICLE · 28 DECEMBER 2018

New Saskatchewan Prompt Payment Legislation For Construction Projects: How Will It Impact Lenders?

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Following the lead of Ontario, Saskatchewan has introduced amendments to The Builders' Lien Act to provide for a "prompt payments" regime.

CanadaFinance and Banking
David Gerecke
David Gerecke
Sean Bryden
Sean Bryden
Fraiba Jalal
Fraiba Jalal
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Following the lead of Ontario, Saskatchewan has introduced amendments to The Builders' Lien Act to provide for a "prompt payments" regime. Although the amendments are aimed at the timing and process for payment of invoices as between owners, developers, contractors and subcontractors, many or most large and small construction projects are financed and lenders will need to understand how their current procedures for progress advances to their borrowers will need to change. Many of you will have read the recent piece published by Troy Baril and Chad Eggerman on this topic; this discussion incorporates certain parts of Troy and Chad's communiqué, but also expands on it to consider specifically the implications that the new regime will have on lenders.

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