The Building and Construction Industry Security of Payment Act 2002 was passed by the
Australian State of
Victoria
Victoria most commonly refers to:
* Victoria (Australia), a state of the Commonwealth of Australia
* Victoria, British Columbia, provincial capital of British Columbia, Canada
* Victoria (mythology), Roman goddess of Victory
* Victoria, Seychelle ...
to allow for the rapid determination of progress claims under building contracts or sub-contracts and contracts for the supply of goods or services in the building industry. This process was designed to ensure cash flow to businesses in the building industry, without parties get tied up in lengthy and expensive
litigation or
arbitration.
Adjudication is much quicker than litigation in a court (an adjudicator's determination must be made within 10 days of receipt of application) and less expensive. An adjudicator's determination is binding on the parties and can be recovered as a debt owing in a Court.
See also
*
Building Adjudication Victoria Inc
Building Adjudication Victoria Inc, a not-for-profit organisation which is authorised by the Building Commission, Victoria, Australia, as a Nominating Authority under the Building and Construction Industry Security of Payment Act 2002.
Buildin ...
External sources
Building and Construction Industry Security of Payment Act 2002 (on AustLII)
Victoria (Australia) legislation
2002 in Australian law
2000s in Victoria (Australia)
Construction industry of Australia
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