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What is the SOP Act? 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.
This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021. An Act to facilitate payments for construction work done or for related goods or services supplied in the building and construction industry, and for matters connected therewith.
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.
Building and Construction Industry Security of Payment Act Information Kit. iii. Summary of the Building and Construction Industry Security of Payment Act. This Act aims to improve cash-flow by helping to speed up payment in the building and construction industry.
10.—. (1) A claimant may serve one payment claim in respect of a progress payment on —. ( a) one or more other persons who, under the contract concerned, is or may be liable to make the payment; or. ( b) any other person specified in or identified in accordance with the terms of the contract for this purpose.
31 October 2018. Date of Commencement: 15 December 2019. An Act to amend the Building and Construction Industry Security of Payment Act (Chapter 30B of the 2006 Revised Edition). Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows: Short title and commencement. 1.
Dec 1, 2019 · Security of Payment Act seeks to affirm parties’ entitlement to payment for work done pursuant to a construction contract. Beyond this, the Act also provides claimants with a binding enforcement mechanism to obtain payment for an ongoing or completed project – a process known as adjudication.
