March 8, 2012 Leave a comment
The Security of Payment Act is a unique beast in the legal landscape. It is the only set of legislation that creates statutory debts from non- judicial determinations.
Some would class the SOP Acts as an unprecedented assault on the doctrine of freedom of contract. Others might ask why should only builders get the benefit of an extra-judicial statutory debt creation regime. Whatever your view, the SOP Act has changed the entire landscape of the construction industry and people practicing in this area of the law need to understand it. Read more of this post