The Joint Contracts Tribunal is asking the industry to put forward its views on the use of project bank accounts, a payment reform first mooted in the Latham Report of 1994

A project bank account involves a single account into which the client pays amounts due under the contract, and from which payments are made to the contractor and sub-contractors.

The aim is to reduce late or uncertain payments, a major source of conflict.

The consultation coincides with the publication of new documentation, which enables PBAs to be used with any of the standard JCT forms.

l Visit www.jct.chelgate.co.uk to register your views before the end of October.

Source

Construction Manager