354. Payment notices.

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