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Overall, while AS 2124 primarily focuses on arbitration, AS 4000 provides more flexibility in choosing dispute resolution methods, and AS 4300 relies on the provisions of AS 4000 for resolving disputes.
AS 2124, also known as the Australian Standard AS 2124-1992 General Conditions of Contract, is a commonly used contract in the construction industry. To use this contract, you will incur a licence fee. These fees vary ing to the type of license you choose, which depends on your circumstances.
Payment terms are agreed-upon conditions between two parties that specify how, where, and when the agreed price is to be paid. In addition to the payment amount, the time of payment, and the currency, payments terms include the type of payment, i.e., the means of payment or the payment method.
Payment. Payment under AS2124 has two levers, which is earlier of either: Within 28 days after receipt by the Superintendent of a claim for payment or. Within 14 days of issue by the Superintendent of the Superintendents payment certificate.
Net 10, Net 30, or Net 60 (found on the invoice) simply indicates that the contractors payment is due 10, 30, or 60 days from the date of the invoice, respectively. Risks: This is the most common payment term for independent contractors, and there are few risks associated with it.