Building & Construction Industry Security Of Payment Act 2002
- This is one of the best tools in the whole of the debt collection industry.
- When the contractor you are working for is untrustworthy and or unreliable and or incompetent you need to be able to bypass him and go to the principal contractor that he is working for.
- The security of payments act make this possible once you have received a determination through adjudication and have entered judgement in a Magistrates Court.
- This is done by obtaining a ‘Debt Certificate’ under Division 4 of the Building & Construction Industry Security Of Payment Act 2002 which reassigns the debt to the Principal Contractor.
- So once a determination, judgement and debt certificate are obtained we can proceed to press the principal to release payment directly to you bypassing your debtor.
It is important to approach the Principal as early as possible to ensure they don’t rush into paying the contractor when you aren’t being paid. We will draft an appropriate letter for this for you.
We are Australia’s No #1 Security of Payments Act Specialist – GET STARTED HERE…
Now at almost $100 million in recovered Contractor Payments – RECOUP Contractor Debt Recovery are Trusted by more Industry Groups and Trade Associations throughout Australia than any other debt collection agency.
RECOUP are Security Of Payments Act Experts & Debt Recovery and Debt Collection Specialists for Building and Construction Contractors. RECOUP aims to keep all stakeholders in each state up to date with changes and developments in each state’s legislation that impact claiming payments for building and construction work. RECOUP provides information and assistance regarding the following legislation:
New South Wales: “Building and Construction Industry Security of Payment Act 1999″
Victoria: “Building and Construction Industry Security of Payment Act 2002″
Queensland: “Building and Construction Industry Payments Act 2004″
Australian Capital Territory: “Building and Construction Industry (Security of Payment) Act 2009″
South Australia: “Building and Construction Industry Security of Payment Act 2009″
Tasmania: “Building and Construction Industry Security of Payment Act 2009 (No.86 of 2009)”