Victorian Numbered Acts

BUILDING AND CONSTRUCTION INDUSTRY SECURITY OF PAYMENT (AMENDMENT) ACT 2006 (NO 42 OF 2006) - SECT 13

At the end of section 12 of the Principal Act insert —

    "(2)     Interest is payable on the unpaid amount of a progress payment that has become due and payable in accordance with sub-section (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.".