Project Bank Accounts Commence 1 March 2018
The commencement date for Project Bank Accounts for government projects under the Building Industry Fairness (Security of Payment) Act 2017 has been set for 1 March 2018.
If you contract on Queensland Government building projects valued between $1million and $10million you need to make sure that you are ready to comply with the Project Bank Account requirements – they will apply to any relevant projects that are first advertised or issued for tender on or after 1 March 2018.
A date is yet to be proclaimed for commencement of the Security of Payment provisions (the replacement of BCIPA) but this is expected to be in place from July 2018 – we will keep you updated.
Need to know more? Legal Awareness Program Offer
Because of the critical nature of these changes to building & construction businesses in our region we are offering to present the following free seminars at your business, directly to your team. These include:
- Project bank accounts: When and How?
- Out with BCIPA and in with BIF: a practical workshop to get you ready for BIF
Need some help in-house to get ready?
If you need a more personalised service we currently offer a ‘mini-secondment’ service where an experienced construction lawyer can come and spend a day in your office, reviewing your processes and documents and giving tailored advice at a reduced hourly rate.
Please contact Kylie Howell on 07 4688 2188 for more information.