Business

Security of Payment Act Singapore Regulates Construction Work Payment

The Building and Construction Industry in Singapore has created a security of payment act Singapore as a statutory adjudication enforcing a regime of payment for the building work such that there is flow of cash with ease for contractors. This Act includes the law worked on practical issues and it includes the payment claim content, service, and timing of the document, while the principle of pay underpins the system.

There is a common method now in Singapore enforcing the construction work payment to be carried out under the statutory rule and this Act was passed by the Singapore Parliament on 2004, 16 November and was put into effect on 1 April, 2005.