Meet the Co-chairs - TAGLAW
Author: Luke Preston, Partner
Security of payment laws in Queensland will change again on 17 December 2018 with the commencement of Parts 3, 4 and 5 of the Building Industry Fairness (Security of Payment) Act 2017 (BIF Act).
Stage 1 of the reforms commenced on 1 March 2018 with the implementation of project bank accounts for building head contracts entered with the Queensland government with a contract price or value between $1 million and $10 million.
A recent Supreme Court of Queensland decision as to what constitutes a ‘’construction company’’ under the QBCC Act brings consequences for construction groups who undertake works under different State entities.
Partner, Ted Williams, and Senior Associate, Gemma Twemlow, review the decision and what it means for construction companies.
Authors: Robert Riddell, Partner and Brianna Smith, Lawyer
Poor payment practices in the construction industry have faced increasing scrutiny by legislators, culminating in a series of amendments (and proposed amendments) to the security of payment regime.
Partner, Robert Riddell, and lawyer, Brianna Smith, step you through the introduction of retention trusts and the telegraphed statutory trust accounts, explaining how they work and what they mean for you.
Head contracts for construction work in New South Wales entered into on or after 1 May 2015, with a contract sum of $20 million or more are subject to the retention trusts regulation located in Part 2 of the Building and Construction Industry Security of Payment Regulation 2008.
Author: Robert Riddell
Over 1½ years since John Murray was appointed by the Commonwealth Department of Employment to undertake a review of the security of payment laws across Australia, the New South Wales Government is pressing ahead, alone, with changes to its east coast model for security of payment.
It is well understood that the security of payment regime is by far the fastest, cheapest and most efficient method for contractors to secure payment of their progress claims. Whether the respondent is disputing the claim, or just tardy in its payment behaviour, the 'pay now argue later' legislation, while technical, is typically an effective express lane to securing payment.
However, like any 20 year old highway, there are cracks starting to appear. One major problem identified in our article: ‘Security of Payment and Factoring. Not so Fast!' is where a ‘debt’ claimed by a payment claim has been separated, by assignment, from the claimant.
- Dealing with 'Unknown Unknowns' in construction contracts
- Security of Payment in Queensland, Australia - The changes are on your doorstep...
- New Legally Binding Terms of Employment for Workers in the Irish Construction Sector
- Scratching below the surface: damage to glazed panels and contract works insurance policy response