sec.23Notice of project trust before entering subcontracts

### sec.23 Notice of project trust before entering subcontracts The contracted party for a project trust contract must give each subcontractor a notice about the use of a project trust account ( notice of project trust ) as required by this section. Maximum penalty—200 penalty units or 1 year’s imprisonment. The notice of project trust must— be in writing; and include a statement that a project trust will be used for making payments to the subcontractor; and include the information prescribed by regulation. The notice of project trust must be given to the subcontractor— if the project trust is not yet established when the contracted party and the subcontractor enter into a subcontract—within 10 business days after the trust is established; or if the project trust is already established when the contracted party and the subcontractor enter into a subcontract—before the contracted party and the subcontractor enter into a subcontract. However— if a project trust is not required for a contract until after an amendment of the contract; and See section 14A about amendments of a contract 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 notice of project trust must be given within 10 business days after opening the project trust account. s 23 amd 2018 No. 17 s 176H sub 2020 No. 24 s 63 amd 2024 No. 14 s 35 (sec.23-ssec.1) The contracted party for a project trust contract must give each subcontractor a notice about the use of a project trust account ( notice of project trust ) as required by this section. Maximum penalty—200 penalty units or 1 year’s imprisonment. (sec.23-ssec.2) The notice of project trust must— be in writing; and include a statement that a project trust will be used for making payments to the subcontractor; and include the information prescribed by regulation. (sec.23-ssec.3) The notice of project trust must be given to the subcontractor— if the project trust is not yet established when the contracted party and the subcontractor enter into a subcontract—within 10 business days after the trust is established; or if the project trust is already established when the contracted party and the subcontractor enter into a subcontract—before the contracted party and the subcontractor enter into a subcontract. (sec.23-ssec.4) However— if a project trust is not required for a contract until after an amendment of the contract; and See section 14A about amendments of a contract 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 notice of project trust must be given within 10 business days after opening the project trust account. - (a) be in writing; and - (b) include a statement that a project trust will be used for making payments to the subcontractor; and - (c) include the information prescribed by regulation. - (a) if the project trust is not yet established when the contracted party and the subcontractor enter into a subcontract—within 10 business days after the trust is established; or - (b) if the project trust is already established when the contracted party and the subcontractor enter into a subcontract—before the contracted party and the subcontractor enter into a subcontract. - (a) if a project trust is not required for a contract until after an amendment of the contract; and Note— See section 14A about amendments of a contract 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;