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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 218

Amendment of s 32 (When retention trust required)

218 Amendment of s 32 (When retention trust required)

(1) Section 32 (1)
omit, insert—
(1) A retention trust is required for a retention amount withheld from payment under a contract (the
"withholding contract" ) if—
(a) the contracting party withholds the retention amount in the form of cash; and
(b) a project trust is required for—
(i) if the withholding contract is a subcontract—the head contract for the subcontract; or
(ii) otherwise—the withholding contract.
(2) Section 32 (5)
omit, insert—
(5) In this section—

"head contract" means a contract that is not also a subcontract for another contract.



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