Prompt Payment is coming; are you ready?
The Prompt Payment and Construction Lien Act regulations come into force in August 2022.
These regulations intend to reduce the number of liens filed annually in Alberta. Liens are generally filed when a party is not paid for work done on a project.
To ensure that payments are made in an orderly manner, contractors will be required to issue a proper invoice every 31 days, and the owner will have 28 days to pay that invoice or they could be subject to an adjudication process. These changes will have significant impacts to municipalities’ accounts payable and contract management processes.
We are hosting two online seminars in June to familiarize our members with their responsibilities under this legislation. Participation is free for all Alberta Municipalities members. To register, click on the desired online session below:
Representatives from Reynolds Mirth Richards & Farmer LLP will provide an overview of the act and regulations, and how it will affect municipalities.
