Queensland Consolidated Acts

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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 35

All retention amounts withheld must be deposited in retention trust account

35 All retention amounts withheld must be deposited in retention trust account

(1) This section applies if, under section 32 , a retention trust is required for a retention amount withheld from payment under a contract.
(2) The contracting party must ensure the retention amount is held in a retention trust account for the party (the
"deposit obligation" ).
Penalty—
Maximum penalty—200 penalty units or 2 years imprisonment.
(3) If the contracting party withheld the retention amount before a retention trust was required under section 32 , the party must deposit the amount in the retention trust account within 5 business days after the retention trust is required.
Penalty—
Maximum penalty—200 penalty units.
Note—
See section 14A about amendments of contracts affecting the requirement to establish a project trust.
(4) A term of a contract is of no effect to the extent it is inconsistent with the deposit obligation.



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