Security Of Payment Act NSW
The Security Of Payment Act NSW assists small businesses in ensuring that their cash flow is not disrupted indefinitely by a long, drawn-out legal dispute that would be the case if court proceedings became necessary to recover a debt owed. The building and construction industry is notorious for underpayment and nonpayment. The provisions of the Security Of Payment Act NSW is intended to move a claimant and a respondent through a brief process quickly and cheaply to recover the money that you are owed. Security Of Payment Act NSW is state-based legislation that enables persons and/or corporations who have contracted to carry out construction work or provide related goods and services to resolve a payment dispute or non-payment in respect of the work carried out and or the related goods and services provided.