JCT has announced the release of Project Bank Account Documentation 2022 (PBA 2022).
The Project Bank Account documentation is designed to help parties to a JCT contract who wish to set up a Project Bank Account as part of their fair payment practices.
PBA 2022 comprises three parts:
- JCT Project Bank Account Agreement (PBA). This includes the JCT form of Joining Agreement (PBA/JA).
- Enabling Provisions for insertion into the Building Contract and Sub-Contracts requiring the relevant parties to enter into the PBA.
- Guidance Notes.
The JCT PBA Agreement is to be entered into by the Employer, the Contractor and any sub-contractors appointed in respect of the Project when the PBA is set up. There is the facility for new sub-contractors appointed after the date of the Agreement to be included in the PBA by entering into a Joining Agreement (PBA/JA).
JCT’s PBA Documentation is appropriate for use in conjunction with the following standard forms of JCT main contract and their related standard forms of JCT sub-contract:
- JCT Standard Building Contract (SBC/Q, SBC/XQ, or SBC/AQ)
- JCT Intermediate Building Contract (IC)
- JCT Intermediate Building Contract with contractor’s design (ICD)
- JCT Design and Build Contract (DB)
PBA 2022 is for use on both private and public sector projects. For public sector projects, PBA 2022 assists JCT contract users in complying with the policy objectives of the Government’s Construction Playbook (published in December 2020) on the use of PBAs.
PBA 2022 will be available in hard-copy format, and digitally via JCT On Demand and the JCT Construct subscription service.
Hard-copy versions can be pre-ordered now, and more information can be found, at www.jctltd.co.uk/product/project-bank-account-documentation-pba.