From 1 March 2018, Project Bank Accounts have become part of the construction industry in Queensland. That means as a head contractor you’ll need to know how to deal with disputes when they occur.
7 answers to your FAQs about PBAs
From 1 March 2018, the head contractor on a construction project has the responsibility of managing the funds held in a Project Bank Account.
The 4 things to note as a head contractor
So, you’re a head contractor on a project that will need a Project Bank Account. How do you go about it?
Compensation for beneficiaries under the Powers of Attorney Act
When a person has executed a will which provides for a specific gift (for example a house) to be given to a beneficiary upon his or her death, at general law, the gift will fail if no property in the estate matches the description of the gift as provided in the will.
Issues to consider when you have an outstanding debt
When you contract with someone, and a debt becomes owing to you by the other party to that agreement, the Limitation of Actions legislation in Queensland provides that if the debt remains unpaid, you will generally have 6 years to bring an action against that person for breach of contract from the date that the debt arose. This type of legislation is commonly referred to by the general population as a ‘Statute of Limitations’.
The four major changes you need to be aware of
Parts of the Building Industry Fairness Act (Security of Payments) Act 2017 (‘the BIF Act’) have already commenced, including the momentous introduction of Project Bank Accounts on 1 March 2018. See our previous Project Bank Account news post here.
Tips for landlords – and tenants!
A tenant who is in breach of a commercial lease can be in a world of hurt. That’s particularly the case if their business relies heavily on its location to trade successfully (for instance, a service station, drive through fast food chain, or childcare centre).
Yeah… I crashed into them, but they were insured so it’s fine!
New initiative will secure payments for subcontractors from 1 March 2018
On 1 March 2018, Project Bank Accounts became a part of the Queensland building and construction industry under the new Building Industry Fairness (Security of Payment) Act 2017.