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JCT 2011 Project Bank Account Documentation (PBA)

Jacket image, JCT 2011 Project Bank Account (PBA), ISBN 9780414023116, Publisher Sweet & Maxwell, Joint Contracts Tribunal, Which Building Contract Bookshop,
JCT Project Bank Account

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Product Code: 9780414023116

Publisher: Sweet & Maxwell
Date Published: Sep 2011
ISBN: 9780414023116
Binding: Paperback

JCT's Project Bank Account (PBA) Documentation is for parties to a construction contract who wish to adopt the use of a project bank account as part of fair payment practice.

Updated for the 2011 edition of JCT's suite of contracts, the PBA was originally created as a result of an industry-wide consultation on the use of project bank accounts and is designed to support the Government's fair payment guidelines as part of the construction strategy.

Features of projects using the Project Bank Account Documentation:
   JCT's PBA documentation is designed for use with JCT Standard Building Contracts
   JCT's PBA is best suited to larger projects (which can justify the cost of setting up a PBA) where there are a number of sub-contractors involved.
   PBAs generally have trust status, so the monies in the account can only be paid out to the beneficiaries named in the agreement.
   JCT's PBA is expressed as a deed to reinforce the trust status.
   Money depositied into the PBA is protected in the event of insolvency of the employer and/or contractor, as the money held in the account is 'ring-fenced' due to the trust status.

   PBAs provide greater payment security to the supply chain and may reduce the cost to the client as they help to crystalise payment issues and reduce disputes.

Price: 20.62

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