In the new BIF world, you are going to need to know your time frames so that you don’t miss out on your ability to use the BIF Act’s powerful enforcement tools.
This article sets out the time frames under Chapter 3 of the BIF Act in easy to understand tables. They are all based on the assumption that your payment claim was valid and that the payment schedule received from the payer (if any) was valid too.
Payment schedule received from the payer not agreeing to pay the payment claim
No payment schedule and not paid by the due date
Payment schedule agreeing to pay but not paid by the due date
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