Security of Payment Law Reform – Inside the Building and Construction Industry (Security of Payment) Bill 2020 (WA) (Bill)
Enacted in 2004 and amended in 2016, the Construction Contracts Act (WA) was intended to keep money flowing quickly down the chain of construction contracts in WA.
Despite these efforts, WA contractors are still often denied payment, either on time or at all. This has prompted a further raft of proposed reforms titled the Building and Construction Industry (Security of Payment) Bill 2020 (WA).
If enacted, the Bill promises to make substantial changes to the way in which payments to construction contractors are regulated and protected. The proposed new laws include:
- More extensive prohibitions on withholding of monies earned by subcontractors
- Shorter time limits
- Striking down unfair time bars; and
- Restraints on dealings with retentions and other performance securities.
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