This type of Agreement is used as an alternative to having an administrative assessment prepared by the Department of Human Services (Child Support division). It sets out the agreement reached as to lump sum and/or periodic child support payable from one parent to the other. It can also include other forms of child support such as paying for school fees, extra-curricular activities, private health insurance and the like.
For a Binding Child Support Agreement to be binding, both parties must have received independent legal advice before signing the agreement.
Child support is a very complex area of Family Law and we would encourage anyone considering entering into such an agreement to obtain legal advice from a Family Law expert before doing so.