Victorian Consolidated Legislation

Building and Construction Industry Security of Payment Act 2002 - SECT 12

Due date for payment

12. Due date for payment



(1) A progress payment under a construction contract becomes due and payable-

   (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 in accordance with subsection (1) at the greater of the
following rates-

   (a)  the rate for the time being fixed under section 2 of the
        Penalty Interest Rates Act 1983; or

   (b)  the rate specified under the construction contract.