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The Security Of Payment Act Explained

Security Of Payment legislation have changed for all time the ease and certainty contractors now have when they need to recover the money they are owed for the work they have carried out, and or for the related goods and services they have supplied.

Security Of Payment Act Legislation Puts Extra Muscle In Your Payment Claims

Security Of Payment makes claiming for construction work, and or related goods or services easy, fast, successful, and affordable.

Security of Payment Act Legislation Is The Best Thing Ever To Happen In The Building & Construction Industry.

Security Of Payment is important to us all. When you are outlaying capital for material, wages and overheads you need to know you have Security Of Payment for the work that you are carrying out. The Collins Inquiry into Insolvency In The New South Wales Building & Construction Industry revealed that subcontractors provide the vast majority of working capital used on most construction projects while they carry the greatest risk.

Security Of Payment helps address this situation by providing a process for fast adjudication, safe guards when suspending work under the Security Of Payment Act, provisions to bypass the contractor and go up the chain to claim directly from the principal contractor.

Security Of Payment Provides Fairness & Equity

Security of Payment Act legislation changed the ability of bigger companies, or very wealthy people, from being able to drag out payment for as long as they like to now having to comply with a very strict set of time frames. And adjudication under Security Of Payment is easily affordable even for small sole traders. A determination is as fast as about 2 weeks and you only need to wait 5 business days after that for payment. However if the debtor still resists pay an adjudicators certificate is available under the Security Of Payment process which can be entered into judgement at court to begin enforcement proceedings.

Even if the debtor challenges the Security Of Payment determination in the Supreme court, the only place it can be challenged,the debtor must pay the money owed to the claimant into court. An adjudicators determination can only be made void if the adjudicator is found to have not had jursidiction or if the adjudicator denied either party denied natural justice.

Security Of Payment Timelines

Security Of Payment legislation enables outstanding monies for payment claims to be recovered quickly at low cost.

Security Of Payment is at most a 6 step process;

  1. The Claimant serves a Payment Claim on the Respondent
  2. The Claimant serves a 2nd notice on the Respondent if no Payment Schedule received from the Respondent
  3. The Respondent serves a Payment Schedule on the claimant if the choose to.
  4. The Claimant applies for adjudication.
  5. The Respondent lodges an adjudication response
  6. The Adjudicator determines the adjudication application.
Security Of Payment Saves You Money

Security Of Payment is the most cost effective means of recovering the money you are owed for the building & construction work you have carried out.

Security of Payment spares you from having to waste ridiculous amounts of money on solicitors, lawyer and barristers.

Security Of Payment Experts RECOUP Contractor Debt Recovery run claims through adjudication for claimants on a No Win No Fee basis.

Call 1300 RECOUP (1300 732 687) for friendly, supportive expert advice

Security Of Payment Information – State by State

Security Of Payment Act Legislation is State based. This means that your claim must be made under the State’s Security Of Payment Act where you carried out the Construction work.

See the following Security Of Payment pages for the State where the construction work was carried out :

Security Of Payment Legislation is state by state, The eastern seaboard states, Security of Payment NSW, Security Of Payment QLD, Security Of Payment VIC, Security Of Payment ACT, Security Of Payment SA, Security Of Payment TAS, all follow one model, whilst Western Australia and the Northern Territory follow another model.

Security Of Payment New South Wales (NSW)
Security Of Payment Victoria (VIC)
Security Of Payment Queensland (QLD)
Security Of Payment Australian Capital Territory (ACT)
Security Of Payment South Australia (SA)
Security Of Payment Tasmania (TAS)

Security Of Payment assistance is only a phone call away, RECOUP Contractor Debt Recovery offers friendly, supportive expert advice that gets the right result.

RECOUP Contractor Debt Recovery your Security Of Payment Experts !

Security Of Payment Act Help - Contact Recoup Contractor Debt Recovery