WHAT ARE YOUR VIEWS ON THE PROJECT BANK ACCOUNTS?

JCT Project Bank Account Documentation has now been published. The documentation comprises of three parts: the Project Bank Account Agreement, the Additional Party Deed and the Enabling Provisions.

This publication provides all the essential documentation needed for setting up and operating a project bank account in connection with a JCT contract. Project bank accounts are being promoted by central government, with the principal purpose of speeding up payment through the supply chain.

To date there seems little appetite for adopting project bank accounts, and in the current economic climate parties may not be enthusiastic about adopting unfamiliar practices. Nevertheless, JCT believes it is appropriate to make its project bank account documentation available both for use and for comment as part of a wider consultation.

The JCT would like to get your feedback on the documentation in terms of its use and effectiveness, and on project bank accounts in general. We would also like your views on other possible mechanisms that might improve the payment process for members of the supply chain; not only in terms of the speed of payment but also in terms of security.

Please send comments and feedback to:

Chief Executive
JCT
28 Ely Place
London EC1N 6TD

stanform@jctltd.co.uk

To purchase a print copy which uses sustainable paper please click here. 

Click to go back to JCT 2005