sec.24Contracting party to report related entities

### sec.24 Contracting party to report related entities This section applies if— a project trust is established for a contract; and the contracting party knows, or ought reasonably to know, that a subcontractor beneficiary is a related entity for the contracted party. The contracting party must, using an approved way, inform the commissioner of the matter within 5 business days after the party first becomes aware, or ought reasonably to have become aware, of the matter. Maximum penalty—50 penalty units. s 24 sub 2020 No. 24 s 63 (sec.24-ssec.1) This section applies if— a project trust is established for a contract; and the contracting party knows, or ought reasonably to know, that a subcontractor beneficiary is a related entity for the contracted party. (sec.24-ssec.2) The contracting party must, using an approved way, inform the commissioner of the matter within 5 business days after the party first becomes aware, or ought reasonably to have become aware, of the matter. Maximum penalty—50 penalty units. - (a) a project trust is established for a contract; and - (b) the contracting party knows, or ought reasonably to know, that a subcontractor beneficiary is a related entity for the contracted party.