The Act provides, subject to some exceptions, new minimum contractual provisions concerning payment arrangements between the parties to a construction contract.
Where payment disputes do arise between the parties to a construction contract, either party will have the right to refer the payment dispute for adjudication, which will be concluded within a set timeframe.
CIF President, Michael Stone, said: “This Act will benefit the entire supply chain by bringing more certainty to contracts and dispute resolution in the industry. The sector is in recovery mode and this Act will help companies plan, budget and invest more accurately in meeting Ireland’s increasing economic demands.”
CIF will be providing high-level training and briefings, to prepare companies for the new legislation. For more information, telephone 01 406 6000, e-mail contact@cif.ie or visit www.cif.ie
