Secured Money
Monies advanced to another pursuant to an instrument that confers a right of recourse to property or to a guarantee.
Security
In the construction context, security is generally that given by the Contractor to the Principal to secure the Contractor's performance of its obligations, and can include one or more combinations of cash, retention moneys, bank guarantees and performance bonds.
Security for Costs
An order made by the court, usually against a plaintiff, that a party give money or another form of security to the court to ensure that the plaintiff, if unsuccessful in the litigation, will be in a position to pay any costs ordered against it.
Security Interest
An interest in a security (mortgages or charges), commercial rights akin to security (set-off or retention of title) and other encumbrances or obligations (eg performance bonds, guarantees) created to secure the payment of debt or performance of an obligation. See also PPSA and Personal Property Security Register.
Security of Payment Legislation
Legislation enacted in each Australian State and Territory, which seeks to ensure that any person who carries out construction work, or provides related goods or services, is able to promptly recover progress payments to which it is entitled and contains a dispute or adjudication process that produces an interim decision in relation to the progress payment claim.