NSW Building and Construction Industry Security of Payment Regulation 2020

The following documents (all available below) have been released for public consultation

  • Building and Construction Industry Security of Payment Regulation 2020 (the proposed Regulation);
  • accompanying Regulatory Impact Statement (RIS); and
  • a draft Continuing Professional Development Guideline for Adjudicators  (CPD Guideline)

The proposed Regulation will replace the Building and Construction Industry Security of Payment Regulation 2008 on commencement on 1 September 2020.

The proposed Regulation aims to:

  • reduce the project value threshold from at least $20 million to at least $10 million for retention money trust account requirements;
  • remove the annual reporting requirements for trust accounts to NSW Fair Trading;
  • introduce an obligation to provide trust account records to subcontractors that have their money held in trust; and
  • introduce qualifications and eligibility requirements for adjudicators.

Public submission is invited on the proposed Regulation, RIS and CPD Guideline by close of business Friday 24 July 2020. Information on how to make submissions can be found in the RIS.

The Society's Submission (made on 11 January 2021) can be found below.

Resource type
Paper
Access to resource
Members only