(1)  A progress payment under a building or construction contract becomes due and payable on the date on which the payment becomes due and payable in accordance with the terms of the contract.

(2)  Despite subsection (1)  –

(a) if a contract does not expressly provide for when a progress payment becomes due and payable; and

(b) a payment claim is made under section 17 in relation to the progress payment –

the progress payment becomes due and payable before the expiry of the applicable day, as determined under section 19(3) , in relation to the claim.

(3)  Interest is payable, on the unpaid amount of a progress payment that has become due and payable, at the rate –

(a) prescribed under the Supreme Court Civil Procedure Act 1932 in respect of a judgment for money payable to a person; or

(b) specified in the building or construction contract –

whichever is greater.