Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 40

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.

Penalty—

Maximum penalty—200 penalty units or 1 year’s imprisonment.

(2) The 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 regulation.

(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.