Contractor payment assurance legislature soon

views 594 2018-05-28 11:14:00 business

Chamber of Construction Industry Sri Lanka officials presenting a token  of appreciation to Minister Sajith Premadasa  Picture by Sulochana Gamage   
Chamber of Construction Industry Sri Lanka officials presenting a token of appreciation to Minister Sajith Premadasa Picture by Sulochana Gamage
The Ministry of Finance has commenced drafting legislation with regard to a proposal made by the Minister of Housing and Construction Sajith Premadasa to the government for the introduction of payment guarantee for construction contracts.

Minister Premadasa speaking at the recently held Build Sri Lanka - 2018’ Housing and Construction Exhibition, organized by the Chamber of Construction Industry Sri Lanka (CCI), revealed that he would be submitting another proposal before the government for ensuring good governance in the construction industry through equitable payment procedures.

The Minister noted that much has been done to strengthen the industry and facilitate the industry stakeholders over the last three years.

“One of our foremost achievements was the promulgation of national construction industry policy which provides a coherent approach and a shared vision for all stakeholders in the industry to move forward.

Complementing the national policy, several rules and regulations under the Construction Industry Development Authority (CIDA) Act has already been gazetted.

According to the minister, several other rules and regulations are also to be published in the near future and the government has granted approval to his proposal for the drafting of the much-needed and much clamored amendments to the CIDA Act. 

(under the courtesy of news web)

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