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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 18
Contracted party must open project trust account
(1) If a project trust is required for a contract under section 12 , the
contracted party must open an account at a financial institution for the trust
as required by this section. Penalty— Maximum penalty—500 penalty
units.
(2) The project trust account must be opened within 20 business days
after the contracted party enters into the first subcontract for the contract.
(3) However— (a) if a project trust is not required for the contract until
after an amendment of the contract; and Note— See section 14A about
amendments of contracts affecting the requirement to establish a
project trust.
(b) the contracted party entered into a subcontract for the
contract before the amendment of the contract;
the project trust account must
be opened within 20 business days after the day the contract is amended.
(4)
The project trust account must not be a virtual account or subordinate to any
other account at a financial institution.
(5) There must not be more than 1
project trust account for the project trust.
(6) A provision of a contract
that provides that the project trust account must be opened less than 20
business days after the contract is entered into is of no effect.
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