Security Of Payment Act Victoria Payment Schedule
Under the Building & Construction Industry Security Of Payment Act 2002 Respondents are required to pay a Payment Claim in full or serve a Payment Schedule on the Claimant within 10 business days of receiving the Payment Claim – if the Respondent fails to pay in full or serve a Payment Schedule the claimed amount becomes a Statutory Debt..
For a Payment Schedule to be valid under the BCISPA 2002 it must have the following detail :
- correct entity details
- identify the claim to which it relates
- a scheduled amount to be paid
- and not necessarily, but if there are genuine reasons for non payment which are to be relied upon in an Adjudication Response the the reasons for non payment if any there are any should be set out in detail
This is a brief outline – for more detailed information about Payment Schedules visit Building & Construction Security Of Payment Act 2002 Payment Schedule Information.