As those in the construction industry know, cash is KING!
With this in mind, the Queensland Government has recently introduced the Building Industry Fairness (Security of Payment) Act 2017 (Qld) (BIF Act), which has the effect of strengthening protections for contractors and subcontractors working on building projects in Queensland.
Those working in the construction industry in Queensland need to be aware of the changes, many of which were introduced as recently as 17 December 2018 and have wide reaching effect on how building projects are managed.
In particular, the BIF Act:
Tightens provisions regarding progress payments
Introduces project bank accounts
Repeals the Subcontractor’s Charges Act
If you require advice in this area, or would like to arrange a training session for your organisation to ensure you remain updated on these changes, call Keir Steele Lawyers.