This is a quick blurb about the Security of Payment Act that may help you understand it, and use it. Construction Trade Industry Lawyers have had many successes this year- getting payment for them by using the Act.
As stated by the Department of fair Trading when entering into Contracts where any work is undertake in respect of Residential Units or Home Building members should take the following into consideration: 1. Contracts for works valued at over $1,000 to $5,000.Jobs worth between $1,001 (including GST) and $5,000 must be in writing and preferably … Continued
If you administering a contract: where goods or equipment are located at another party’s premises; that involves hire equipment on a long-term basis; that contains Romalpa (retention of title) clauses;
Companies are focusing on defensive strategies to protect their businesses in light of the economic downturn and diminishing credit availability. ASIC has also announced its major focus will be on Directors to ensure that they have taken the appropriate steps where their companies have become insolvent.
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