BUILDING AND CONSTRUCTION INDUSTRY SECURITY OF PAYMENT REGULATION 2008 - REG 8 Withdrawals from trust account

BUILDING AND CONSTRUCTION INDUSTRY SECURITY OF PAYMENT REGULATION 2008 - REG 8

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

(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--200 penalty units.