Spec Finish

www.thefis.org 29 FOCUS — Project bank accounts PBA TEMPLATE NOTICE 1. Project Bank Accounts (PBAs) are Scottish Government policy. They assure that subcontractors get paid promptly for work done and that those payments are ring-fenced if the main contractor ceases trading. This is a notice to firms concerning the PBA operating on the following construction project.* 2. Subcontractors employed by the main contractor must join the PBA where their subcontract value is at least 1% of the value of the contract awarded to the main contractor. There are very limited potential exemptions and it is generally presumed that subcontractors will join the PBA. The main contractor and main contract award value for this project are as follows:* 3. Subcontractors with lower value subcontracts and any firm on this project employed by a subcontractor can ask to join the PBA by contacting the employer in the first instance. Firms who are advised against or denied their opportunity to contact the employer should immediately contact the employer, as follows: * Employer name: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Email address: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Telephone number: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 4. A subcontractor or sub-subcontractor on this project must sign the additional party agreement in order to join the PBA. The additional party agreement must be provided by the main contractor to any subcontractor it wishes to employ; and by any subcontractor to any subsubcontractor it wishes to employ. Where the additional party agreement is not provided please contact the employer. 5. No fees or charges in connection with joining the PBA may be levied on this project. 6. A subcontractor’s or sub-subcontractor’s work in progress on site will be valued by the firm which contracted it to work on this project. Payment will be received directly from the PBA a day or two after the employer deposits it. All participating firms, including the main contractor, will receive payment from the PBA at the same time. *to be completed by the commissioning body before sending to the main contractor