Amendments to the Building and Construction Industry Security of Payments Act

Nick Kallipolitis

Important Legal Update for Principals, Builders and Sub Contractors

The long awaited amendments to the Building & Construction Industry Security of Payments Act 1999 NSW (SOPA) are now in effect and Principal Contractors, Builders and Subcontractors should all be aware.

Summary of Amendments

Prompt Payments

Removal of Endorsement

Supporting Statement

Statutory Retention Trust

The Amendments to SOPA may have serious implications for the day to day running of your business and it is important that you are aware of the changes and adapt your business accordingly.

For more information on changes to the Building and Construction Security of Payments Act please contact our Accredited Specialist in Commercial Litigation:

Nick Kallipolitis, Senior Associate
Phone: +61 2 9895 9230
Email:
nkallipolitis@colemangreig.com.au