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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 115
Insufficient money available for claims
115 Insufficient money available for claims
(1) This section applies if— (a) there are 2 or more subcontractors’
charges made against a contractor for the same contract; and
(b) the money
that is, or is to become, payable to the contractor under the contract is
insufficient to satisfy all of the subcontractors’ charges for the contract
in full.
(2) The total amount recoverable under the subcontractors’ charges
is reduced in proportion to the amounts of the charges. Example— If there
is a subcontractor’s charge for $5,000, another for $10,000 and the amount
remaining to be paid to the contractor is only $12,000, the amount recoverable
under the charges would be reduced to $4,000 and $8,000 respectively.
(3)
The money mentioned in subsection (1) (b) includes money that is, or is to
become, payable on the basis of a subcontractor’s charge on a security for
the contract, including money payable under section 130 or under an order of
the court under section 132 .
(4) Subsection (1) applies in relation to
another subcontractor for a higher subcontract as if— (a) a reference in the
subsection to a contractor were a reference to the other subcontractor; and
(b) a reference in the subsection to the contract were a reference to the
higher subcontract.
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