Operating a project bank account
When using a project bank account (PBA), the head contractor needs to follow strict guidelines, and meet all legal obligations.
The principal must be given particular information about the use of the PBA from the head contractor and is required to inform the Queensland Building and Construction Commission of any non-compliance.
It's essential that head contractors understand all the rules around operating a PBA, including:
- what they can and can't do with a PBA
- notification and payment time frames
- records they need to keep
- how to make payments
- how to use the various trust accounts.
This guideline explains how head contractors can meet all their obligations when using a project bank account.