Background Information – SubstantialPerformance.com
In 2012, CANS, with broad-based industry support, put forward amendments to the Builders’ Lien Act as part of the public consultation and review. Those recommendations included:
- The adaptation of the amendments to progressive release of holdbacks.
- Amendments to the disbursement of finishing holdback.
- A single-central point of publication for public notice of substantial completion.
While all three recommended amendments to the Builders’ Lien Act have now been proclaimed and take full effect at the end of this month, the third amendment was the last piece needing to be defined.
For more information about the regulatory changes to the Builders’ Lien Act, click HERE.