Security of Payment Act Clause Samples

The Security of Payment Act clause ensures that parties involved in construction contracts have a clear and enforceable right to receive timely payments for work completed or materials supplied. In practice, this clause typically sets out procedures for submitting payment claims, responding to those claims, and resolving disputes, often including strict timelines and adjudication processes. Its core function is to protect contractors and subcontractors from delayed or withheld payments, thereby promoting cash flow and financial stability within the construction industry.
Security of Payment Act. (a) The Contractor may withhold any amount that is less than or equal to the amount claimed to be owed under a payment withholding request served on the Contractor pursuant to Division 2A of the Building and Construction Industry Security of Payment Act 1666 (NSW) (“SOP Act”). (b) If the Contractor withhold from money otherwise due to the Subcontractor any amount that is less than or equal to the amount claimed to be owed under a payment withholding request served on the Contractor pursuant to Division 2A of the SOP Act, then: (i) the Contractor may plead and rely upon Division 2A of the SOP Act as a defence to any Claim for the money by the Subcontractor from the Contractor; and (ii) the period during which the Contractor retains money due to the Subcontractor pursuant to an obligation under Division 2A of the SOP Act will not be taken into account for the purpose of determining: (A) any period for which money owed by the Contractor to the Subcontractor has been unpaid; and (B) the date by which payment of money owed by the Contractor to the Subcontractor must be made. (c) The Subcontractor agrees not to commence proceedings to recover any amount withheld by the Contractor pursuant to a payment withholding request served on the Contractor in accordance with Division 2A of the SOP Act. (d) Any amount paid by the Contractor pursuant of section 26C of the SOP Act will be a debt due from the Subcontractor to the Contractor. (e) If the Contractor withholds money pursuant to a payment withholding request served on the Contractor pursuant to Division 2A of the SOP Act and the Subcontractor: (i) pays the amount claimed to be due under an adjudication application to which the payment withholding request relates; or (ii) becomes aware that an adjudication application to which the payment withholding request relates has been withdrawn, then the Subcontractor must so notify the Contractor within 5 days of the occurrence of the event in clause 23.5(e)(i) or 23.5(e)(ii) (as applicable) by providing to the Contractor a statement in writing in the form of a statutory declaration together with such other evidence as the Contractor may require evidencing that the amount has been paid or the adjudication application has been withdrawn (as the case may be).
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Security of Payment Act. (a) To the extent that Works constitutes ‘construction work’ carried out within the Australian Capital Territory, or involves the supply of ‘related goods and services’ (both as defined in the Building and Construction Industry (Security of Payment) ▇▇▇ ▇▇▇▇ (ACT)), this paragraph (19) will apply. (b) In this paragraph, the “Security of Payment Act” means the Building and Construction Industry (Security of Payment) ▇▇▇ ▇▇▇▇ (ACT). (c) The Subcontractor must: (i) promptly give Tandem and the relevant Client a copy of any notice the Subcontractor receives from any subcontractor; and (ii) ensure each subcontractor promptly gives Tandem and the relevant Client a copy of any notice that the subcontractor receives from another person under section 17, 18 or 26 of the Security of Payment Act. (d) If a Client or Tandem becomes aware that a subcontractor is entitled to suspend work under section 29 of the Security of Payment Act, the Client or Tandem may pay that subcontractor such money that is owing to the subcontractor on the Subcontractor’s behalf for work forming part of Works and Tandem may recover any amount so paid as a debt due and payable to Tandem by the Subcontractor. (e) If the Subcontractor makes a payment claim under the Security of Payment Act and the Subcontractor applies for adjudication of the payment to be made under the Security of Payment Act, the Subcontractor agrees that the nominating authority for the purposes of section 19 of the Security of Payment Act is The Institute of Arbitrators & Mediators Australia.
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Security of Payment Act. [Force majeure] If in Premium’s opinion, it is prevented from or delayed in performing an obligation under the Agreement by a Force Majeure Event, then the obligation is suspended during the period of the Force Majeure Event and such further period as reasonable in the circumstances.
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Security of Payment Act. 18.1 If the Principal becomes aware that a subcontractor to the Hirer is entitled to suspend work under section 62 of the Security of Payment Act, the Principal may (in its absolute discretion) pay the subcontractor such money that is, or may be, owing to the subcontractor for work forming part of the Services. The Principal may recover from the Hirer each amount paid as a debt. 18.2 The Hirer indemnifies the Principal against any loss, expense or damage of any nature, including financial loss and legal costs and expenses on an indemnity basis, suffered or incurred by the Principal arising out of or in connection with a suspension by a subcontractor of work which forms part of the Services under this Contract under section 62 of the Security of Payment Act. 18.3 If the Hirer makes a payment claim to the Principal under the Security of Payment Act, and the Hirer applies for adjudication of the payment to be made, the authorised nominating authority for the purposes of section 29 of the Security of Payment Act is the Resolution Institute. 18.4 Nothing in this clause will prevent a party from contending that this Contract is not a construction contract as that term is defined in the Security of Payment Act.
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Security of Payment Act. 18.1 For the purposes of this clause 18, “Security of Payment Act” means the Construction Contracts Act 2004 (WA)or the equivalent legislation as applicable in the relevant jurisdiction, each as amended from time to time. 18.2 The Contractor and the Supplier agree that the Chair for the time being of the Chapter of the Institute of Arbitrators and Mediators Australia in the jurisdiction of the law governing this Plant Hire Agreement, or if the law governing this Plant Hire Agreement is the law of Queensland then the Registrar appointed under the Building and Construction Industry Payment Act 2004 (Qld), is the authorised nominating authority to which any adjudication application under the Security of Payment Act is to be made. 18.3 If the Supplier suspends the whole or part of the work under this Plant Hire Agreement pursuant to the Security of Payment Act: to the extent permitted by the Security of Payment Act, the Contractor is not liable for any cost, expense or liability including delay or disruption costs whatsoever suffered or incurred by the Supplier as a result of the suspension; 18.3.1 the Contractor may direct the Supplier to omit the whole or part of the suspended work and thereafter the Contractor may engage others to carry out the suspended work; and 18.3.2 the Contractor may terminate this Plant Hire Agreement by giving notice to the Supplier. 18.4 Failure by the Contractor to set out in a progress certificate or statement an amount which the Contractor is entitled to retain, deduct, withhold or set off from the amount which would otherwise be payable to the Supplier by the Contractor shall not prejudice the Contractor’s right to subsequently exercise its right to retain, deduct, withhold or set off any amount under this Plant Hire Agreement. 18.5 The Supplier agrees that the amount set out in a progress certificate or statement given by the Contractor under clause 10.5 is, for the purposes of the Security of Payment Act, the amount of the ‘progress payment’ calculated in accordance with the terms of this Plant Hire Agreement to which the Supplier is entitled. 18.6 As appropriate under the relevant Security of Payment Act, the date on which the Supplier shall claim payment is, for the purposes of the Security of Payment Act, the ‘reference date’.
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Security of Payment Act. If the 'Security of Payment Act’ applies: the Contractor must ensure that, within 24 hours after any notice is given or received under the Security of Payment Act by the Contractor or any subcontractors, a copy of that notice is given to the Principal; the amount (if any) set out in a payment certificate or payment schedule is the amount of the 'progress payment' (as defined in the Security of Payment Act) which the Contractor is entitled to be paid; and the parties agree that for the purpose of the Security of Payment Act, the authorised nominating authority shall be the Resolution Institute under section 42 of the Security of Payment Act to nominate persons to determine the adjudication application. If the Principal becomes aware that a subcontractor is entitled to suspend work pursuant to the Security of Payment Act, the Principal may (in its absolute discretion) pay the subcontractor such money that is or may be owing to the Subcontractor in respect of that work, and any amount paid by the Principal shall be a debt due from the Contractor to the Principal. The Contractor shall indemnify the Principal against all damage, expense (including legal costs), loss (including consequential and economic loss) or liability of any nature suffered or incurred by the Principal arising out of:
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Security of Payment Act 
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Related to Security of Payment Act

  • Security of Access Code You may use one (1) or more access codes with your electronic fund transfers. The access codes issued to you are for your security purposes. Any access codes issued to you are confidential and should not be disclosed to third parties or recorded on or with the card. You are responsible for safekeeping your access codes. You agree not to disclose or otherwise make your access codes available to anyone not authorized to sign on your accounts. If you authorize anyone to use your access codes, that authority shall continue until you specifically revoke such authority by notifying the Credit Union. You understand that any joint owner you authorize to use an access code may withdraw or transfer funds from any of your accounts. If you fail to maintain the security of these access codes and the Credit Union suffers a loss, we may terminate your EFT services immediately.

  • Priority of Payments (a) Each Note shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of any other Note or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Periodic Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan or Insurance and Condemnation Proceeds (other than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents) shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu Basis; provided, that (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of property protection expenses or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead Securitization Servicing Agreement shall be applied to the extent set forth in, and in accordance with the terms of, the Mortgage Loan Documents; and (y) all amounts that are then due, payable or reimbursable to any Servicer, with respect to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and any other compensation payable to it thereunder (including without limitation, any additional expenses of the Trust Fund relating to the Mortgage Loan (but subject to the second paragraph of Section 5(d) hereof) reimbursable to, or payable by, such parties and any Special Servicing Fees, Liquidation Fees, Workout Fees and Penalty Charges (to the extent provided in the immediately following paragraph) but excluding (i) any P&I Advances (and interest thereon) on the Lead Securitization Note, which shall be reimbursed in accordance with Section 2(b) hereof, and (ii) any Master Servicing Fees due to the Master Servicer in excess of the Non-Lead Securitization Note’s pro rata share of that portion of such servicing fees calculated at the “primary servicing fee rate” applicable to the Mortgage Loan as set forth in the Lead Securitization Servicing Agreement, which such excess shall not be subject to the allocation provisions of this Section 3) shall be payable in accordance with the Lead Securitization Servicing Agreement. For clarification purposes, Penalty Charges paid on each Note shall first, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second, be used to reduce the respective amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, the Non-Lead Master Servicer or the Non-Lead Trustee for any interest accrued on any P&I Advance made with respect to such Note by such party (if and as specified in the Lead Securitization Servicing Agreement or the Non-Lead Securitization Servicing Agreement, as applicable), third, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay additional expenses of the Trust Fund (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, shall be paid to the Master Servicer and the Special Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement. Any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Note Holders on a Pro Rata and Pari Passu Basis. Any proceeds received by any Note Holder from the sale of master servicing rights with respect to its Note shall be for its own account.

  • Data Protection Act 7.1 With respect to the parties' rights and obligations under this Contract, the parties agree that the Department is the Data Controller and that the Contractor is the Data Processor. 7.2 The Contractor shall: 7.2.1 Process the Personal Data only in accordance with instructions from the Department (which may be specific instructions or instructions of a general nature as set out in this Contract or as otherwise notified by the Department to the Contractor during the Term); 7.2.2 Process the Personal Data only to the extent, and in such manner, as is necessary for the provision of the Services or as is required by Law or any Regulatory Body; 7.2.3 The Contractor shall employ appropriate organisational, operational and technological processes and procedures to keep the Personal Data safe from unauthorised use or access, loss, destruction, theft or disclosure. The organisational, operational and technological processes and procedures adopted are required to comply with the requirements of ISO/IEC 27001 as appropriate to the services being provided to the Department; 7.2.4 Take reasonable steps to ensure the reliability of any Contractor Personnel who have access to the Personal Data; 7.2.5 Obtain prior written consent from the Department in order to transfer the Personal Data to any Sub-contractors or Affiliates for the provision of the Services; 7.2.6 Ensure that all Contractor Personnel required to access the Personal Data are informed of the confidential nature of the Personal Data and comply with the obligations set out in this clause 7; 7.2.7 Ensure that none of Contractor Personnel publish, disclose or divulge any of the Personal Data to any third party unless directed in writing to do so by the Department; 7.2.8 Notify the Department within five Working Days if it receives: a request from a Data Subject to have access to that person's Personal Data; or a complaint or request relating to the Department's obligations under the Data Protection Legislation; 7.2.9 Provide the Department with full cooperation and assistance in relation to any complaint or request made, including by: - providing the Department with full details of the complaint or request; - complying with a data access request within the relevant timescales set out in the Data Protection Legislation and in accordance with the Department's instructions; - providing the Department with any Personal Data it holds in relation to a Data Subject (within the timescales required by the Department); and - providing the Department with any information requested by the Department; 7.2.10 Permit the Department or the Department’s Representative (subject to reasonable and appropriate confidentiality undertakings), to inspect and audit the Contractor's data Processing activities (and/or those of its agents, subsidiaries and Sub-contractors) and comply with all reasonable requests or directions by the Department to enable the Department to verify and/or procure that the Contractor is in full compliance with its obligations under this Contract; 7.2.11 Provide a written description of the technical and organisational methods employed by the Contractor for processing Personal Data (within the timescales required by the Department) to be used solely for the purposes of this contract and provided that to do so would not be in breach of the Intellectual Property Rights (including Copyright) of a third party; and 7.2.12 Not process Personal Data outside the European Economic Area without the prior written consent of the Department and, where the Department consents to a transfer, to comply with: - the obligations of a Data Controller under the Eighth Data Protection Principle set out in Schedule 1 of the Data Protection Act 1998 by providing -an adequate level of protection to any Personal Data that is transferred; and - any reasonable instructions notified to it by the Department. 7.3 The Contractor shall comply at all times with the Data Protection Legislation and shall not perform its obligations under this Contract in such a way as to cause the Department to breach any of its applicable obligations under the Data Protection Legislation.

  • Effect of Payment Neither approval of an application for payment, a progress payment, release of retainage, final payment, or partial or entire use or occupancy of the Project by the Owner shall constitute acceptance of work not conforming to the Contract Documents, or waiver of the right to assert overpayment.

  • Facility of Payment If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Company may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit.