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Prompt Payment Compliance: Nine Things Condominium Managers Must Start Doing Today
Author:
Justin Tudor
Publication date:
Article Summary:
Discusses the changes introduced in the Construction Act, specifically focusing on the prompt payment and adjudication regime, and how these changes impact condominium managers in dealing with contractor invoices. The author highlights the evolution of the payment process, emphasizing the need for quicker payments to contractors and subcontractors. The article outlines the new payment process based on 7-day intervals, which involves proper invoice submission, issuance of notices of non-payment, and timely payment to contractors and subcontractors. The role of consultants in the new regime is discussed, and conflicts between existing contract terms (CCDC-2) and the new legislation are identified. The author provides practical tips for condominium managers to navigate the changes, including proper invoice handling, communication with contractors, and ensuring adherence to timelines.
Keywords:
Construction Act, prompt payment, adjudication regime, contractor invoices, condominium managers, payment process, proper invoice, notices of non-payment, consultants, CCDC-2, contract terms, payment certification, communication, timelines.
Source Citation:
Justin Tudor
Prompt Payment Compliance: Nine Things Condominium Managers Must Start Doing Today
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