On 26 October 2017, the Queensland Government passed legislation that will overhaul the three key pieces of legislation governing the construction industry. The key changes incorporated within the Building Industry Fairness (Security of Payment) Act 2017 include:
- the introduction of Project Bank Accounts (PBAs ) for certain construction projects;
- the amendment and consolidation of the Building and Construction Industry Payments Act 2004 (BCIPA) and Subcontractors' Charges Act 1974;
- amendments made to the Queensland Building and Construction Commission Act 1991 (QBCC Act); and
- the introduction of penalty provisions to enforce compliance with the Act.
A guide to the key changes has been prepared by Andrew McCormack (Partner), Joshua Paffey (Partner), Scott Francis (Special Counsel) and Annabel Baker (Associate).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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