ACT: Security of payments - Good for contractors, good for the ACT economy
ACT Industrial Relations Minister John Hargreaves, has tabled legislation that will establish a statutory mechanism for operators in the building and construction industry to quickly resolve payment disputes through an adjudication process.
"The building and construction industry plays a critical role in the ACT economy. Throughout the 2007-08 financial year, there were over 15,000 people employed in the construction industry, and the value of building, construction and engineering work done in the ACT exceeded $2 billion. I'm delighted that throughout the last 18 months all sections of the building and construction industry, including the Master Builders Association, Canberra Business Council and UnionsACT have been consulted and have contributed to the development of this Scheme" said Mr Hargreaves.
"The Building and Construction Industry (Security of Payments) Bill 2009 will provide a welcome alternative to costly and protracted court proceedings that often present a barrier to sub-contractors and small business operators. Security of Payments will improve the cash flow of the ACT's small and medium businesses by providing contractors with the means to more easily claim and recover outstanding payments," he said.
"In essence the Building and Construction Industry (Security of Payments) Bill 2009 will allow for timely payments, for rapid resolution of disputes concerning and it will provide the mechanism for rapid recovery of payments for Building and Construction Industry contracts," Mr Hargreaves said.
22 October, 2009