PROJECT BANK ACCOUNTS - nab.com.au · A Project Bank Account is comprised of three trust accounts,...

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KEY FEATURES Developed according to Building and Industry Fairness (Security of Payment) Act 2017 (QLD) Electronically access your Project Bank Account through a user friendly platform – NAB Connect No account keeping fees Dedicated sales and servicing team to assist you with establishment For more information, contact your NAB Relationship Manager. Principal Head Contractor Head Contractor submits payment claims on behalf of subcontractors to Principal Subcontractor Sub-subcontractor Sub-sub-subcontractor Project Bank Account General Trust Account Retention Trust Account Disputed Funds Trust Account Cashflow WHAT ARE PROJECT BANK ACCOUNTS? NAB’s Project Bank Account solution has been developed for Queensland building projects in accordance with the Building Industry Fairness (Security of Payment) Act 2017 (QLD), which governs the security of payment to head contractors, subcontractors and suppliers. A Project Bank Account is comprised of three trust accounts, being: 1. A general trust account for amounts paid under the head contract and/or under a subcontract. 2. A retention account for retention amounts held on behalf of a subcontractor for a subcontract. 3. A disputed funds account for amounts that are the subject of a payment dispute. PROJECT BANK ACCOUNTS A dedicated transaction solution for your Queensland government tendered building projects Important Information: NAB is the product issuer. Terms and conditions apply, available from NAB. © 2018 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 A143339-0518

Transcript of PROJECT BANK ACCOUNTS - nab.com.au · A Project Bank Account is comprised of three trust accounts,...

Page 1: PROJECT BANK ACCOUNTS - nab.com.au · A Project Bank Account is comprised of three trust accounts, being: 1. A general trust account for amounts paid under the head contract and/or

KEY FEATURES

Developed according to Building and Industry Fairness (Security of Payment) Act 2017 (QLD)

Electronically access your Project Bank Account through a user friendly platform – NAB Connect

No account keeping fees

Dedicated sales and servicing team to assist you with establishment

For more information, contact your NAB Relationship Manager.

Principal

Head Contractor

Head Contractor submits payment claims on behalf of subcontractors to Principal

Subcontractor

Sub-subcontractor

Sub-sub-subcontractor

Project Bank Account

General Trust Account

Retention Trust Account

Disputed Funds Trust Account

Cashflow

WHAT ARE PROJECT BANK ACCOUNTS?NAB’s Project Bank Account solution has been developed for Queensland building projects in accordance with the Building Industry Fairness (Security of Payment) Act 2017 (QLD), which governs the security of payment to head contractors, subcontractors and suppliers.

A Project Bank Account is comprised of three trust accounts, being:

1. A general trust account for amounts paid under the head contract and/or under a subcontract. 2. A retention account for retention amounts held on behalf of a subcontractor for a subcontract. 3. A disputed funds account for amounts that are the subject of a payment dispute.

PROJECT BANK ACCOUNTS A dedicated transaction solution for your Queensland government tendered building projects

Important Information: NAB is the product issuer. Terms and conditions apply, available from NAB.

© 2018 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 A143339-0518

https://www.nab.com.au/business/online-banking/nab-connect

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