354. Payment notices.

A construction contract1 must, in relation to every payment provided for by the contract2, require: (1) the payer or a specified person3 to give a notice4 to the payee5 not later than five days after the payment due date6; or (2) the payee to give a notice7 to the payer or a specified person not later than five days after the payment due date8.

A notice given by the payer as referred to in head (1) above must specify the sum that the payer considers to be or to have been due at the payment due date in respect of