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The Building and Construction Industry Security of Payment (SOP) Act came into operation on 1 April 2005. The Act aims to improve cash-flow in the built environment sector by giving parties the right to seek progress payment for work done. It also provides a fast and low-cost adjudication mechanism to resolve payment disputes.
The course will begin with an overview of the SOP act and its significance in the construction industry. Participants will then learn about the process of making and responding to payment claims, and what to do in the event of a dispute over payment.
It aims to enhance participants’ understanding on the mechanism, requirements and considerations of the Security of Payment Act and discusses payment issues typically encountered in building and construction projects. COURSE OUTLINE. OVERVIEW OF THE SECURITY OF PAYMENT ACT (SOPA) PRINCIPLES AND APPLICATION OF THE SOPA
Key Points and Strategies for Successfully Managing Payment Claims and Responses Under the Security of Payment Act. Overview. The objective of the seminar is to introduce participants to the Security of Payment Act and the key points on preparing payment claim and payment response.
- INTRODUCTION
- TWO (2) TYPES OF CONTRACTS: CONSTRUCTION, SUPPLY
- THREE (3) KEY PARTIES: CLAIMANT, RESPONDENT, ADJUDICATOR
- FOUR (4) IMPORTANT MILESTONES:
- A speedy and low-cost alternative Dispute Resolution mechanism:
The Building and Construction Industry Security of Payment (SOP) Act aims to improve cash-flow of the construction industry by (i) providing a statutory right to payment and (ii) establishing adjudication as a speedy and low-cost payment dispute resolution mechanism.
The SOP Act applies to written contracts for construction work; or supply of services or goods for construction projects carried out in Singapore. The Act does not apply to contracts for construction works or the supply of goods or services for residential properties which do not require any plan approval under the Building Control Act. For example...
claimant is a person who claims to be entitled to a progress payment under the Act. respondent is a person who may be liable to make a progress payment for the works carried out or goods and services provided by a claimant under a written contract. An adjudicator is an experienced professional who is trained by the Authorised Nominating Body (ANB) ...
Claimant issues Payment Claim Respondent issues Payment Response Parties resolve dispute in the Dispute Settlement Period Dispute not resolved, refer to Adjudication
Adjudication is a dispute resolution procedure carried out by an independent person (called the adjudicator) to determine the amount payable, if any, that is due in respect of a claim made under the SOP Act. Only a claimant can initiate an adjudication.
OBJECTIVES. be. The course provides not only an overview of the key essentials in the Security of Payment legislation. It aims to enhance participants’ understanding on the requirements for making and defending claims. The common pitfalls will be highlighted.
Course Schedule. Clear. “The training provided by SCAL’s experienced and knowledgeable trainers has equipped me with an excellent grasp of construction safety and allowed me to enhance worksite safety in Woh Hup”.
