Singapore legislation
Clause 4
of Building and Construction Industry Security of Payment (Amendment) Bill
Clause 4
Amendment of section 8
Section 8 of the principal Act is amended by deleting subsection (5) and substituting the following subsection:“(5) The interest payable on the unpaid amount of a progress payment that has become due and payable is at the higher of the following rates:
(a)
the rate specified in or determined in accordance with the terms of the contract;
(b)
the rate prescribed in respect of judgment debts under the Supreme Court of Judicature Act (Cap. 322).”.