BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 31 What is a retention trust

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 31

31 What is a retention trust

A
"retention trust" is a trust—

(a) over the following amounts—

(i) retention amounts withheld in the form of cash under particular contracts;

(ii) deposits in the retention trust account as required under this chapter; and

(b) primarily for the benefit of the party who will be entitled to the retention amount.