Mandatory Subcontract Conditions News Today : Breaking News, Live Updates & Top Stories | Vimarsana

As the old saying holds, cash-flow is the life blood of the construction industry.
In 2021, Hong Kong looks set to join Singapore, Australia and other jurisdictions in implementing a Security of Payment regime to regulate payment practices and provide a system to protect cash flow in the construction industry. As a first step, the Hong Kong Development Bureau has released consultation drafts of a Technical Circular annexing draft Security of Payment provisions for inclusion in public works contracts and sub-contracts.
Titled “
Implementation of the Spirit of Security of Payment Legislation in Public Works Contract”, the draft Circular establishes a contractual regime to apply to public works contracts and sub-contracts for the timely processing of contract payments and the expedited interim resolution of payment disputes by adjudication. According to the Circular, the contractual regime is scheduled for implementation in public works contracts which go to tender du ....

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