In less than two weeks important changes in the Security of Payment Act (SOPA) legislation will come into force in NSW.
The changes introduced by the Amendment Act will significantly impact the administration of construction contracts entered into after 21 October 2019, particularly during the project delivery phase.
Accordingly, contractors, subcontractors and consultants should carefully review their standard terms to ensure consistency with the changes.
Principals and head contractors should carefully review their contract terms to determine if they comply with the amendments introduced by the Amendment Act, having regard to the increased maximum penalties for corporations that breach the provisions of SOPA and the investigative and monitoring powers given to authorised officers to ensure compliance with SOPA.
The table below sets out some of the key changes.
The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.