Does your construction project need a project bank account? Are you leaving yourself liable by failing to comply with legislation?
Project Bank Accounts (PBA’s) are a fairly recent introduction to the industry in Queensland. The concept of the PBA system is for money that is to be paid subcontractors is held in a way that protects the interests of those subcontractors.
PBA’s are currently limited to certain projects involving the State of Queensland as principal, however they are due to be rolled out to other categories of private projects from mid-2020.
Watch this space for further information.
If you would like tailored, expert legal advice regarding project bank accounts, contact one of our construction lawyers for further information or advice.