Security of Payment
Security of payment legislation establishes rights for parties seeking payment for work done on plant and materials they have supplied in Construction.
The Building and Construction Industry Security of Payment Act 1999 NSW represents an ongoing commitment by the NSW Government in maintaining the stability and efficiency of the construction industry. The Act's hallmarks are quick adjudication of disputes over progress payments and provides for a fairer and quicker payment system for all parties in the industry.
About security of payment act
In 1999 the NSW Government introduced security of payment legislation that established new rights for parties seeking payment for work they have done and the plant and materials they have supplied.
The Building and Construction Industry Security of Payment Act 1999 NSW represents an ongoing commitment by the NSW Government in maintaining the stability and efficiency of the construction industry.
Applying to become an Authorised Nominating Authority
The Minister for Commerce under s28(1A) of the Act has limited the number of Authorised Nominating Authorities to nine (9). Accordingly, no further applications for authorisation will be accepted.
NOTE FOR LEGAL ADVICE YOU MUST CONSULT A SOLICITOR. No legal advice is provided by the Department of Commerce or NSW Procurement.
View the Frequently asked Questions about Security of Payments from the menu.