Thank you, Madam Chair. I'm pleased to be here to present Bill 65, Builders' Lien Act.
The purpose of Bill 65 is to repeal the current Mechanics' Lien Act and replace it with a more modern Builders' Lien Act to address modern construction practices.
Lien legislation is in place to ensure that parties who contribute work, labour, or materials to a construction project in the NWT are paid, and to provide a remedy if they are not. Lien legislation also creates stability and predictability for owners of construction projects by setting out their obligations to other parties involved in a construction project. The new act will use plain language where possible and take into consideration evolving best practices in construction business and terminology. Some of the existing provisions will be maintained and adjusted. At the same time, substantive changes will be brought forward in 15 areas based on research conducted by the department and engagement with external stakeholders.
The new act will bring the NWT's lien legislation into the 21st century, support modern construction practices, provide more stability and predictability in the industry, and serve as a concrete example of this Legislative Assembly's support for our territory's business sector.
This concludes my opening remarks. Thank you.