Introduction
Whilst the Australian economy is technically out of recession, there remain many businesses struggling to manage cash flow. For those in the construction industry, the
Building and Construction Industry Security of Payment Act (1999) NSW (
SOP Act) is a powerful piece of legislation that creates rights and obligations, in addition to those created under the construction contract, to provide a quick, low cost payment claim recovery regime.
The SOP Act is designed to provide payment to any person who undertakes to carry out construction work or related goods and services under a construction contract.
a claimant s entitlement to make a payment claim under the SOP Act and the need to ensure that the progress claim complies with the requirements of the SOP Act; and