BIF Act definition

BIF Act means the Building Industry Fairness (Security of Payment) Act 2017 and the regulations made under or in respect of that Act;
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BIF Act means the Building Industry Fairness (Security of Payment) Act 2017 (Qld).
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BIF Act means the Building Industry Fairness (Security of Payment) Act 2017;
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Examples of BIF Act in a sentence

  • Project bank accounts (PBAs) have been required under the BIF Act for certain Queensland Government projects valued between $1 million and $10 million (including GST) since 1 March 2018.

  • One might expect on a larger residential project the parties would have relatively equal bargaining power and therefore the builder should have the protections of the BIF Act.

  • The Government could also add this obligation in the BIF Act although the Panel does not consider this to be essential.

  • The Panel therefore recommends the introduction of provisions similar to the NSW payment withholding request provisions even though the BIF Act includes PBAs.One shortcoming of a payment withholding request is that a head contractor would not be able to make the request if they make an adjudication claim against a principal given there is no one in the contractual chain above the principal.

  • Murray recommendation 23 – endorsementThe BIF Act removes the requirement for a payment claim to be ‘endorsed’ with a reference to the BIF Act in order for it to trigger the protections of Chapter 3.

  • Murray recommendation 75 – service by emailThe BIF Act provides for service of documents in any way provided for under a contract (s 102).

  • The QBCC’s Complianceand Enforcement Strategy confirms that it will consider a range of factors when responding to alleged offences.The Panel considers the QBCC should be given as many enforcement options as possible to choose from when responding to breaches of the BIF Act.

  • Recommendation 18 ‌‌‌‌Administration of PBAs on termination of contract or insolvency The BIF Act provides that on termination of the contract or insolvency of the head contactor, the principal may step in and administer the PBA (Part 5 of Chapter 2 of the BIF Act).

  • The BIF Act requires a retention trust account for each project that is subject to a PBA regardless of whether cash retentions are held by a head contractor.Head contractors using PBAs in Phase 1 reported that having a retention trust account per project is onerous.

  • However, under the BIF Act, a subcontractor’s charge and adjudication proceeding cannot be on foot at the same time.The Murray Report considered the benefits of the NSW payment withholding request provisions and recommended that they be provided for.22Further, a mechanism to ensure payment following adjudication should be available to all claimants, not just those that are beneficiaries under a PBA.

Related to BIF Act

  • TIF Act means the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865, inclusive, of the Revised Statutes of Missouri, as amended.

  • the 1981 Act which means the Compulsory Purchase (Vesting Declarations) Act 1981.

  • the 1972 Act means the Local Government Act 1972.

  • the 1961 Act means the Land Compensation Act 1961(d); “the 1965 Act” means the Compulsory Purchase Act 1965(e); “the 1980 Act” means the Highways Act 1980(f);

  • Servicemember means a member of a uniformed service.

  • the 1991 Act means the Water Industry Act 1991(a);

  • Relief Act The Soldiers' and Sailors' Civil Relief Act of 1940, as amended.

  • the 1992 Act means the Local Government Finance Act 1992;

  • the 1973 Act means the Water Act 1973;

  • the 1998 Act means the Social Security Act 1998;

  • the 1974 Act means the Health and Safety at Work etc. Act 1974;

  • the 1988 Act means the Local Government Finance Act 1988.

  • Education Act means the Education Act, R.S.O. 1990, c. E.2, as amended.

  • the 1989 Act means the Local Government and Housing Act 1989;

  • the 1999 Act means the Greater London Authority Act 1999;

  • former Act means the Companies Act or the International Business Companies Act;