On 12 August 2016, the Government announced that the Department of Finance Building Management and Works would be adopting project bank accounts for the majority of its construction contracts tendered after 30 September 2016. This will initially apply to construction contracts with a contract value of more than $1.5 million that use the Australian Standard 2124 General Conditions of Contract. The Department will look to expand the application of project bank accounts to other forms of contract in 2017.
The Department will also be providing an information session for consultants working on or wishing to work on BMW projects. The session will be run on 4 October 2016 at 4.30pm at BMW’s offices in Osborne Park and will outline how project bank accounts will work and what the implications are for a consultant engaged by BMW. Consultants wishing to attend the information session should follow the link provided on the Department’s website.
Industry briefing session on project bank accounts for Consultants:
Click here to register for this event
Information on the expanded use of project bank accounts is available on the Department’s website www.finance.wa.gov.au.
Regional sessions are also being scheduled, keep an eye on the Department’s website for further information regarding these events.
For further information, please contact our project bank account hotline on 6551 1888 or by email at [email protected].
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