Part 4Retention money trusts

Part 4 — Retention money trusts

69. Terms used 74

70. Construction contracts to which Part applies 76

71. Retention money to be held on trust 78

72. Beneficial interests of parties to contract in retention money trusts 79

73. Requirement to draw down debt facility or otherwise set aside retention money required to be held on trust 79

74. Establishment of retention money trust accounts and payments into trust accounts 80

75. Requirements relating to establishment of retention money trust accounts 81

76. Withdrawals from retention money trust accounts 82

77. Decisions on payments into or out of retention money trust accounts by adjudicators, courts, arbitrators and experts 84

78. Trust account interest and fees 84

79. Trust records 85

80. Power to employ agents 86

81. Recognised financial institutions not subject to certain obligations and liabilities 86

82. Application of Personal Property Securities Act 2009 (Cwlth) 87

83. Trusts under this Part prevail over construction or other contracts 87

84. General jurisdiction of courts to supervise trusts preserved 87

85. Application of Trustees Act 1962 88

86. Indemnity of trustee from trust under this Part 88

87. Offence for failure to comply with certain requirements of this Part 89