Major changes to the Building and Construction Industry Payments Act 2004 (Qld) came into effect on Monday, 15 December 2014.
The changes that are now in place include:
- Payment Claims are divided into “Standard Claims” (claims of less than $750,000.00) and “Complex Claims” (claims of $750,000.00 or more); and
- Extended time limits for adjudications; and
- QBCC acting as the new adjudication registry.
It is extremely important that as a contractor you understand how the Payment Claim system works, and what’s charged under the new rules. Sadly it is now a little more complicated than it was. But…it will nevertheless remain a great way for contractors to get paid so don’t ignore the changes and remember the Payment Claim system can always be used against you by your subbies, consultants and suppliers so you need to know how it works.