Examples of BIF Act in a sentence
This model has been reaffirmed by successive governments, first by the creation of the QBCC in 2013, which retained the legislative architecture of the regulator, and then with the strengthening of the QBCC in 2017 by the passage of the BIF Act, which expanded the board and gave the QBCC additional regulatory functions.
Clause 63 Replacement of ch 2 (Project bank accounts)Clause 63 replaces chapter 2 of the BIF Act and inserts a new chapter that deals with trust accounts.
In these Terms of Business, except to the extent the context otherwise requires: BIF Act means the Building Industry Fairness (Security of Payment) Act 2017 as amended and any of its regulations.
Under the Building Act 1975 (Qld), the QBCC is charged with the certification of buildings, fire safety, and pool safety.17 The Building Industry Fairness (Security of Payment) Act 2017 (Qld) (BIF Act) and associated regulations provide measures designed to ensure 14 Queensland Building and Construction Commission (QBCC) (2014) “A voice for service trades,” accessed 4 April 2022.
Section 10A defines who is a related entity which is consistent with the current definition as per section 19 of the BIF Act.
Section 10C provides for when certain terms are referenced within this part and is consistent with the existing references in section 12 of the BIF Act but has been updated to reflect the new terminology.
Section 10B provides for when an amount is liable to be paid to a subcontractor and is consistent with the definition in the BIF Act section 10A.
The Panel recommended casting the definition to align with the definition of “construction work” in Chapter 3 of the BIF Act.
The definitions are generally consistent with section 8 of the BIF Act but have been updated to reflect the new trust account framework.
References to the BIF Act in Clause 62 to 84 is in reference to the version of the Building Industry Fairness (Security of Payment Act) 2017 in force immediately before the amendments below.