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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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