Building and Construction: How Do Performance Bonds Work?
Personal,Properties and Real Estate,Regional Law

Reading Time: 4 minutesDid you know that performance bonds date all the way back to 2,750 BC? One might be surprised by the longevity of the performance bond, but this underlines its commercial usefulness, particularly in the context of building and construction. Although it may seem complicated and technical to most people at first blush, the performance bond […]

Security of Payment Act: How to Claim Progress Payment for Work Done
Business,Properties and Real Estate,Regional Law

Reading Time: 8 minutesIn 2005, the government introduced the Security of Payment Act (SOPA), in a bid to improve cash flow in the construction industry and provide an efficient and low-cost dispute resolution mechanism for payment disputes. This has had significant impacts on construction companies, particularly small and medium-sized companies that need to maintain their cash flow, but […]