(19 December 2024, Hong Kong) The Construction Industry Council (CIC) welcomes the passage of the Construction Industry Security of Payment Bill (the Bill) by the Legislative Council yesterday. The Bill is widely received by the industry stakeholders, its implementation will greatly strengthen the security of payment mechanism, lower the risk of wage default, and improve the business environment.
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The terms in the Construction Industry Security of Payment Ordinance (the Ordinance), including the prohibition of unfair contract terms such as “pay when paid” clauses, and the introduction of an interim, fast and binding adjudication mechanism to resolve payment disputes, will not only help reduce the business risk arose from delay payment but also lower the chance of construction workers being owed wages. The Ordinance will help establish industry reputation and create a fair and stable business environment.
To ensure the smooth implementation of the Ordinance, the CIC will actively collaborate with the Development Bureau in organising a series of promotional and educational activities, including the production of related materials and short videos, as well as holding trainings, briefing sessions and seminars to facilitate industry stakeholders’ better understanding on the content and details of the Ordinance.
The passage and the implementation of the Bill marks a significant step forward the improved security of payment within the construction industry. The CIC will continue to maintain close communication with industry stakeholders, working together to drive the sustainable development of the industry.
Please visit www.cic.hk for further details.
