A brave new world – Project Bank Accounts, increased powers of the QBCC and the amendment and amalgamation of the Security of Payment and Subcontractors Charges legislation
Last night, in accordance with one of its key election promises the Queensland Government introduced the Building Industry Fairness (Security of Payment) Bill 2017 (Bill) into Queensland Parliament. The stated objects of the Bill are:
to improve security of payment for subcontractors in the building and construction industry and increase ease of access to the security of payment legislation
the creation of a framework to establish Project Bank Accounts (PBAs)
to modernise and simplify the provisions for making a subcontractors charge
to provide increased ability for the Queensland Building and Construction Commission (QBCC) to oversee and regulate the building and construction industry.
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