(1) Subject to this section and any other law, a progress payment to be made
under a construction contract is payable in accordance with the applicable
terms of the contract.
(a) the
date occurring 15 business days after a payment claim is made under Part 3 in
relation to the payment, except to the extent paragraph (b) applies, or
(b)
an earlier date as provided in accordance with the terms of the contract.
(a) the date occurring 20 business days after a
payment claim is made under Part 3 in relation to the payment, except to the
extent paragraph (b) applies, or
(b) an earlier date as provided in
accordance with the terms of the contract.
(a) on the date on which the payment becomes due and payable in accordance
with the terms of the contract, or
(b) if the contract makes no express
provision with respect to the matter, on the date occurring 10 business days
after a payment claim is made under Part 3 in relation to the payment.
(2)
Interest is payable on the unpaid amount of a progress payment that has become
due and payable at the rate--
(3) If a progress payment becomes due and payable,
the claimant is entitled to exercise a lien in respect of the unpaid amount
over any unfixed plant or materials supplied by the claimant for use in
connection with the carrying out of construction work for the respondent.
(4)
Any lien or charge over the unfixed plant or materials existing before the
date on which the progress payment becomes due and payable takes priority over
a lien under subsection (3).
(5) Subsection (3) does not confer on the
claimant any right against a third party who is the owner of the unfixed plant
or materials.
(6) Except as otherwise provided by this section, the rules and
principles of the common law and equity apply to the determination of
priorities between a lien under subsection (3) over any unfixed plant and
materials and any other interest in the plant and materials.
(8) A
provision in a construction contract has no effect to the extent it allows for
payment of a progress payment later than the relevant date it becomes due and
payable under subsection (1A) or (1B).