Abstract:
The security of payment regime introduced by the Building and Construction Industry Security of Payment Act confers on contractors, consultants and suppliers a right to progress payment. Since its enactment, there has been uncertainty as to whether the ambit of the regime is confined to progress payments made during the period within which works are carried out in a construction contract or whether it extends to the final payment of a contract. Recently, the High Court addressed this issue in a decision which is expected to change the pace at which accounts are finalised for construction contracts.