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SINGAPORE : More contractors and sub-contractors have been seeking legal redress to settle payment disputes quickly under the Building and Construction Security of Payment Act.
The Singapore Mediation Centre (SMC) said it received some 169 applications last year - that's a nearly a two-fold increase compared to the 91 applications received in 2008.
421 applications were filed since 2005 to June this year.
The disputed amounts for these applications ranged from S$4,900 to a whopping S$63 million.
The adjudication process places great emphasis on quick resolution of payment disputes in construction projects.
Enacted in 2005, the Building and Construction Security of Payment Act seeks to ensure that building projects in Singapore are not stalled because of inadequate cashflow.
Contractors and sub-contractors who face payment issues during the course of a project can submit their payment claims for adjudication instead of waiting for the completion of the project to file their claims.
An independent adjudicator is then required to provide a decision on the dispute within 14 days from the date prescribed in the contract.
Singapore is the fourth country in the world to have in place such a regime to assist contractors and sub-contractors with their cashflow problems.
To cater to the growing interest in the regime, SMC has published the decisions of selected cases in its annual case book launched on Monday. - CNA /ls
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