Legislative amendments and regulations that will better protect subcontractors and suppliers in the building trades come into effect today, June 30.
Amendments to the Builders’ Lien Act will allow for the earlier release of financial holdbacks to those in the building trades who complete their work on construction projects. New regulations will also ensure notice is given when a construction project is substantially completed.
The requirement to give notice does not apply to owners who are having work done on their residential properties if the contract or work is less than $75,000.
“When homes or commercial buildings are under construction, everyone should be paid in full for their work in a timely manner,” said Justice Minister Mark Furey, Minister responsible for the act. “These changes will allow electricians, plumbers, and other subcontractors to be paid sooner for their work.
“These regulations will also make sure that everyone knows when important stages of a project have been reached.”
The amendments to the act were passed in 2013 and 2014. The changes should also result in savings for the industry and improve productivity.
“The changes to the Builders’ Lien Act will free up money, allowing it to flow back into the economy earlier,” said Duncan Williams, president, Construction Association of Nova Scotia. “The changes will enable contractors to reinvest in their companies, people and capital.
“We hope to see significant improvements in productivity for all in the construction pyramid.”
For more information, visit: https://novascotia.ca/just/resources.asp.