Using the SOP Act to ensure your cash flow remains constant: Part 3 - options available to unpaid claimants - Real Estate and Construction
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...
Source: mondaq.com