sec.18Contracted party must open project trust account

### sec.18 Contracted party must open project trust account If a project trust is required for a contract under section 12 , the contracted party must open an account at a financial institution for the trust as required by this section. Maximum penalty—500 penalty units. The project trust account must be opened within 20 business days after the contracted party enters into the first subcontract for the contract. However— if a project trust is not required for the contract until after an amendment of the contract; and See section 14A about amendments of contracts affecting the requirement to establish a project trust. the contracted party entered into a subcontract for the contract before the amendment of the contract; the project trust account must be opened within 20 business days after the day the contract is amended. The project trust account must not be a virtual account or subordinate to any other account at a financial institution. There must not be more than 1 project trust account for the project trust. A provision of a contract that provides that the project trust account must be opened less than 20 business days after the contract is entered into is of no effect. s 18 sub 2020 No. 24 s 63 (sec.18-ssec.1) If a project trust is required for a contract under section 12 , the contracted party must open an account at a financial institution for the trust as required by this section. Maximum penalty—500 penalty units. (sec.18-ssec.2) The project trust account must be opened within 20 business days after the contracted party enters into the first subcontract for the contract. (sec.18-ssec.3) However— if a project trust is not required for the contract until after an amendment of the contract; and See section 14A about amendments of contracts affecting the requirement to establish a project trust. the contracted party entered into a subcontract for the contract before the amendment of the contract; the project trust account must be opened within 20 business days after the day the contract is amended. (sec.18-ssec.4) The project trust account must not be a virtual account or subordinate to any other account at a financial institution. (sec.18-ssec.5) There must not be more than 1 project trust account for the project trust. (sec.18-ssec.6) A provision of a contract that provides that the project trust account must be opened less than 20 business days after the contract is entered into is of no effect. - (a) if a project trust is not required for the contract until after an amendment of the contract; and Note— See section 14A about amendments of contracts affecting the requirement to establish a project trust. - (b) the contracted party entered into a subcontract for the contract before the amendment of the contract;