10Withdrawals from trust account

10 Withdrawals from trust account

10 Withdrawals from trust account

(1) A head contractor must not withdraw retention money from a retention money trust account except—

(a) for the purpose of the payment of the money in accordance with the terms of the construction contract under which the money was retained by the head contractor, or

(b) as may be agreed in writing by the head contractor and the subcontractor concerned, or

(c) for the purpose of the payment of the adjudicated amount that the head contractor is required to pay under section 23 of the Act, or

(d) in accordance with an order of a court or tribunal.

Maximum penalty—In the case of a corporation, 1,000 penalty units or, in any other case, 200 penalty units.

(2) A head contractor must not withdraw retention money from a retention money trust account otherwise than by cheque or electronic funds transfer.

Maximum penalty—In the case of a corporation, 1,000 penalty units or, in any other case, 200 penalty units.