Earlier this week, on 21st April 2014, changes came into effect for the Building and Construction Industry Security of Payment Amendment (SOPA) Act 2013 (“Amendment Act”). The amendments will apply to all contracts entered into on or after this date. The amendments include some of the recommendations made in the Collins Inquiry which looked at depth at insolvency in the NSW construction industry.
The Master Builders Association of NSW notified it’s members of the key amendments as follows: