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Hong Kong Institute of Surveyors Building Surveyors Conference 2021 | 2021-10-12 17:45:00

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 ...

To print this article, all you need is to be registered or login on Mondaq.com. Following a lengthy and industry wide consultative process, the Canadian Construction Documents Committee (CCDC) has recently issued a new CCDC 2 (2020) Stipulated Price Contract. The revised CCDC 2 has attempted to address some of the more significant changes that have taken place in the construction industry since its last version published in 2008. As an example, as prompt payment and adjudication comes into play across the country there was a need to update CCDC 2 to better align the co...