NSW Does the NSW Fair trading contract override the Building Industry Security Payments act 1999?

[Janet Roof]

hello, please help me to understand my obligations regarding payments to a building contractor.

Our Owners Corporation of a strata building entered into a NSW Fair Trading Contract for work over 20K with a building contractor.

The building contractor is requesting for payments according to The Building Industry Security Payments act 1999.

1) Does The Building Industry Security Payments act 1999 apply to Owners Corporations of Strata Buildings?

2) If yes, do I follow the NSW Fair Trading obligations for payment or The Building Industry Security Payments act 1999 obligations for payment?

Thank you