King & Wood Mallesons

Asia-Pacific 100 position: 2

Follow-up: owners and head contractors beware. Any claim can be a SOP claim

The Building and Construction Industry Security of Payment Amendment Bill 2013, which will amend the Building and Construction Industry Security of Payment Act 1999, has now been passed and will come into effect on a day to be appointed by proclamation.

Since King & Wood Mallesons’ last free issue, there has been one amendment to the bill. A new section 12A allows for the regulations to provide for retention moneys held by a head contractor to be held in a trust account. The regulations may include procedures for payments out of any trust account and the resolution of disputes regarding the operation of trust accounts. They may also specify bodies that may offer trust accounts. Any breach of any such regulation may be punishable by a penalty up to $22,000 (£12,400).

No regulations have been put forward yet but the earlier New South Wales government response to the Collins Report gives some inkling of what may be in store…

If you are registered and logged in to the site, click on the link below to read the rest of the King & Wood Mallesons briefing. If not, please register or sign in with your details below.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Analysis from The Lawyer

View more analysis from The Lawyer

Overview

Level 61, Governor Phillip Tower
1 Farrer Place
Sydney
NSW 2000
Australia
http://www.kwm.com

Jurisdiction: PRC/Australia
No. of offices: 19
No. of qualified lawyers: 1,634