ABC Dispute Resolution Service now offers management services in relation to project bank accounts (“PBA”) under the Building Industry Fairness (Security of Payment) Act 2017 (BIF Act).
The BIF Act came into force on 10 November 2017 and is being implemented in stages. Among other things the BIF Act replaces the previous security of payment regime: the Building and Construction Industry Payments Act which has been in operation since 2004.
One new aspect of this legislation is the provision of project bank accounts, which are essentially trust accounts for both head contractors and relevant sub-contractors engaged during the duration of a construction contract. There are significant penalties associated with not complying with the Act.
There are three trust accounts within a PBA including an account for dispute funds, retention, and a general trust account. A PBA can be administered by an appropriate agent, such as the ABC Dispute Resolution Service.
ABC DRS will provide the PBA Agent services for a fixed fee per month for the duration of the PBA.
Benefits of engaging ABC DRS as your PBA Agent:
- Independent informed professional service;
- Relieves head contractor of much of the administrative burden of implementing the PBA;
- Independent timely advice relating to the administration and operation of the BIF Act to prevent the head contractor falling foul of the legislation;
- Dedicated ABC DRS email firstname.lastname@example.org as single point of contact for PBA Agent services;
- Provision of in-house training on the operation of the BIF Act;
- ABCDRS will be a ‘knowledge centre’ for the operation of the BIF Act and advise head contractors in a timely manner of developments in relation to the legislation.
For more information about ABC DRS acting as your PBA Agent please contact us on email@example.com or call 1300 857 383.