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Appointments for the Future

Trustees: Appointments for the Future There are many important matters to consider when preparing your Will. The question of “who will receive your estate” generally prevails over other considerations. However, it is important to be aware of the implications associated with the roles and the suitability of those whom you are appointing. In this article, we will discuss the implications of nominating a trustee. A trustee is an individual who manages or controls an asset for the benefit of another. The individual receiving the benefit is known as the beneficiary. Important matters to consider when appointing a trustee: Age: As the trustee may not act for a number of years, it is important to c

Changes to the Security of Payments - How Does it Affect you?

What is Security of Payments and who is it for? If you are a contractor employed to perform work or provide goods and services under a construction contract, you have a right to receive payments for the work that you have performed which are called ‘progress payments’ for work that has been successfully completed. A right to a progress payment under section 8 of the Act is a payment to which you are entitled to be paid after you make a payment claim. How progress payments are legislated If you have not been paid for work that you have successfully completed throughout the construction contract, the Building and Construction Industry Security of Payment Act 1999 (SOPA or Act) outlines the sta

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