Queensland Consolidated Acts
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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 40
Notice of retention trust before withholding retention amount
(1) If, under section 32 , a retention trust is required for a retention
amount withheld from payment under a contract, the contracting party must give
the contracted party a notice about the use of a retention trust (
"notice of retention trust" ) as required by this section.
Maximum penalty—200 penalty units or 1 year’s imprisonment.
notice of retention trust must—
(a) be in writing; and
(b) include a
statement that a retention trust will be used for withholding retention
amounts under the contract; and
(c) include the information prescribed by
(3) The notice of retention trust must be given to the
contracted party before withholding the retention amount.
(4) However, if the
retention trust account was not opened before the retention trust is required
under section 32 , the notice of retention trust must be given to the
contracted party within 5 business days after opening the account.
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