January 19, 2011 To: Friends, Colleagues and Contractors
Re: Survey - Proposal to Enact a Prompt Payment Law in the Philippines
Dear Sirs and Mesdames:
Greetings! I am Mary Rocelyn Lim, a 5th year dual degree student of Law and MBA from the Far Eastern University – De La Salle University. I am conducting my law thesis regarding the proposal to enact a prompt payment law for the Philippine Construction Industry for private projects only.
The Prompt Payment Law, which has been enacted in countries such as U.S.A., U.K. Australia, Singapore and Japan, makes it mandatory for real estate owners and developers to pay the prime contractor within a set time, typically 30 days. This ensures that each party down the line, like sub-contractors, suppliers and laborers in the payment chain, gets paid on time.
A Prompt Payment Law has this main provision (New Jersey Security of Payments Act): “The Act requires a project owner to pay a contractor not later than thirty (30) days from the date the contractor’s bill is received. The Act also provides for payment of interest on unpaid amounts at prime plus one (1%) percent in the event payment is not made within the time period provided by the Act. In addition, the Act allows a contractor, and subcontractor to suspend work upon seven (7) days written notice.
Recently, Malaysia and Canada are making efforts to the enactment of a similar law. As such, this topic is ripe for study. I hope you will be able to help in my research and be part of the making of potentially good-piece legislation for the construction industry in the Philippines. To do so, please answer the quick survey as attached in this email (by sending electronically or thru telefax of PCA Metropolitan – +632-6464266) or click the following link http://FreeOnlineSurveys.com/rendersurvey.asp?sid=aa0j4gudvg5pflp859235.The survey can be answered by any Project Manager or Officer of the Company. The surveys will close on January 20, 2011.
To those whom I've already sent this message, I would just like to remind you, if you have time, to please answer the said survey. Disregard this message if you have already responded. Also, to my friends, please forward this message to contractors or engineers who work for construction firms.
Thank you in advance. If you have any questions, please feel free to email or contact me.
Mary Rocelyn Lim 5th Year MBA-JD 0917-8817775
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