Building and Construction Industry Security of Payment Regulation 2020 (NSW) (New Regulation)

Good Morning Monaco Global Customers,

We hope you all had a great and relaxing weekend. Much needed with the serval changes taking place from day to day. In addition to social distancing and increased hygiene regulations, the Building and Construction Industry Security of Payment Regulation 2020 (NSW) (New Regulation) was recently released by NSW Fair Trading. It has been updated to replace the current Building and Construction Industry Security of Payment Regulation 2008 (NSW). The New Regulation commenced on 1 September, 2020.

The aim of the New Regulation is to :
• Provide better protection for retention money.
• Make improvements to administrative efficiency and make reductions in regulatory requirements.
• Implement requirements for adjudicator eligibility.
The New Regulation does not apply to contracts entered into prior to its commencement date of 1 September, 2020.

How does this affect you?
While these changes have benefits, contractors should review the New Regulation to see how it impacts their business.

Monaco Global strives to contribute to the growth of our customers, by turning your hopes, plans, and possibilities into reality.
We truly value your business and would like to keep on supporting yours.

Don’t hesitate to call us on 0450 190 000. Keep in mind, we are one unit working together to achieve our goal of increasing productivity and efficiency on your site.

Disclaimer : This article is of a general nature only and individuals or entities should carry out their own research as to the accuracy of the above information.

MONACO GLOBAL TEAM