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Government should work with industry to explore a range of solutions
We recognise there isn't one single fix, which is why we're recommending a multi-pronged approach that proposes a range of alternative solutions that benefit EVERYONE (including subbies) in the contractual chain.
Our recommendations range from reintroducing reporting on Minimum Financial Requirements, simplifying the available dispute resolution mechanisms so they are fairer and easier to use, through to providing resources and better education to contractors and enforcing existing requirements, such as the use of written contracts.
Reporting on financial requirements
- Reintroduce annual reporting on Minimum Financial Requirements for contractors
- Allow the QBCC to perform regular and thorough checks on the financial viability of licensed builders and subcontractors
- Clarify maximum retentions to be held and identify when retention moneys are to be released
- Penalise licensees who don't release retentions when required to do so.
Improved dispute resolution
- Improve the dispute resolution mechanism (currently the BCIPA legislation) so that it is fairer for everyone and easy to use
- Allow adjudicators to order the release of retentions in the form of bank guarantees under the BCIPA legislation
- Simplify the Subcontractors Charges Act and make it easier and less expensive to use.
Enforced contracts & payments
- Enforce existing legislation which voids payment terms under a subcontract that exceed 25 business days
- Enforce the requirement that builders and subcontractors must use written contracts
- Investigate more efficient and less costly ways to reduce the risk of late payment in the industry, including mechanisms such as Trade Credit Insurance.
Better education & resources
- Help the industry understand the existing mechanisms available to recover moneys owed
- Mandatory education program for QBCC licensees that ensures everyone has the financial and contract management skills to run profitable businesses.
Let’s work together towards a better solution to security of payment that actually benefits the people it’s meant to. If a job’s worth doing, it’s worth doing well.
Contact us for more information or to ask questions.