No matter where you work and what you work as, there are going to be some sought of payment disputes that you come across. However, the construction industry sees the worst disputes and the amounts can run into thousands and at times even millions of dollars. The main reason as to why this happens in the construction industry is because there are plenty of different companies working together to help achieve the final goal.
And just like in any other field with demand comes supply. Therefore, here too there are plenty of schemes that are come into the picture in order to prevent such malpractices. Security of payment was therefore recently introduced to help people solve their financial problems quickly and to prevent massive losses to both parties and save them time from fighting it out in court.
Things have changed
Before all these cases used to take a really long time and you would have to work a lot and spend a lot as well to fight them in court. It's not just money that was wasted but your time as well. And in most cases you wouldn't get your money back.
Therefore just by using security of payment procedures and schemes you would be able to get rid of any kind of issue that props up and come to a settlement with the other party involved through adjudication.
So whether you're in the construction industry or work in some other field, if security of payment is an option you should definitely sign up for it even if you have to pay a bit each year. You wouldn't know when it could come in handy and save you from massive losses.
Just file a claim and get your cash
Before you could even think about approaching the officials involved and claiming cash via adjudication you would first need to go ahead and sign up for a payment sheet. Once this is done, the two parties that are involved i.e. the claimants and respondents would need to either sign and settle the issue off or proceed further for a hearing.
But, remember that for any of these issues to even be considered you would need to file the papers within a stipulated time frame. This time frame would have to be decided by the parties involved.
Of course you're going to have to fight it out here as well, but it's much quicker and safer too.