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Security of payment legislation has been introduced in foreign jurisdictions, including Australia, the United Kingdom, New Zealand and Singapore. It has not been introduced in Hong Kong. In Australia, statutes have been introduced in various states to secure the payment of persons providing goods and services in the construction industry. Each statute seeks to provide a mechanism for persons who carry out construction work (or who supply related goods and services) under a construction contract, to receive and recover progress payments. Benefits of security of payment legislation include stamping out the non-payment or late payment of contractors for work already undertaken, and the improvement of cashflows during the course of a project. |
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