Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 14

14 Particular contracts for project trust work

(1) A contract is eligible for a project trust if—

(a) the contracting party is the State, a state authority, a local government, an individual, a private entity or a hospital and health service; and

(b) more than 50% of the contract price is for project trust work; and

(c) the contract price is—

(i) if the contracting party is the State or a hospital and health service—$1 million or more; or

(ii) otherwise—$10 million or more.

(2) Also, a contract is eligible for a project trust if—

(a) the contracting party is a State authority that has decided a project trust is to be established for the contract; and

(b) more than 50% of the contract price is for project trust work; and

(c) the contract price is $1 million or more.

(3) In this section—

"private entity" —

(a) means a company or other entity that is owned by any entity other than the State; but

(b) does not include a State authority.

"State" does not include a State authority.