📘 Building and Construction Industry (Security of Payment) Act 2021
004 of 2021Assented 25 June 2021· Minister for Commerce
This Act reforms security of payment laws in the building and construction industry in Western Australia. It establishes processes for progress payments, adjudication of disputes, and retention money trusts to protect subcontractors.
Impact
It affects contractors, subcontractors, principals, and owners in the construction industry by providing a framework for timely payments and dispute resolution. It also impacts financial institutions managing retention money trusts.
Sectors
constructionfinance
This Act originated as a bill
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