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The robots are coming … is insurance ready for AI?
The insurance industry is founded on predicting, as accurately as possible, whether or not a risk will materialise in a fast-moving competitive environment.
Australia | Publication | July 26, 2019
The NSW government has recently issued a Commencement Proclamation for the Building and Construction Industry Security of Payment Amendment Act 2018 (NSW) (Amending Act) and delivered the much anticipated Building and Construction Industry Security of Payment Amendment Regulation 2019 (Regulations).
The Amending Act will commence on 21 October 2019 and will apply to all contracts entered into after that date and will not act retrospectively.
A brief summary of the changes are as follows:
Further detail in respect of the above changes are outlined in our earlier article here.
The Regulations will also take effect on and from 21 October 2019. In summary, the key reforms introduced by the Regulations are as follows:
The Amending Act and Regulations introduce significant changes to the process of claiming progress payments which will impact the commercial terms of construction contracts moving forward as well as the administration of the contract during the delivery phase. Industry participants should also take note of the introduction of more stringent penalties for offences committed under the Act, including the possibility of pecuniary penalties.
Please do not hesitate to contact us if your require us to assist in preparing for the impending changes.
Publication
The insurance industry is founded on predicting, as accurately as possible, whether or not a risk will materialise in a fast-moving competitive environment.
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