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After some weeks or months, the works will finally be complete and the builder will be entitled to payment of the money held by BUILDSAFE®.
To get paid the Security Amount, the Builder needs to send a Notice to the Owner advising that he considers the works to be finished. If the works are finished, the Owner will sign a Notice confirming this and BUILDSAFE® will pay the money held in trust to the builder immediately.
If the Owner thinks that there is still work to be done, it can advise the builder and the builder can complete that work and then get paid the money held by BUILDSAFE®.
If the Builder does not agree that the work needs to be done under its contract, it can refer the matter to dispute.
At the end of the day, if the contract goes the way it was intended, the builder will be paid all of what is entitled to within a month of finishing the works - which is certainly a lot quicker than what is unfortunately often the case.
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