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JCT publishes project bank account documents

In October, the Joint Contracts Tribunal (JCT) published its Project Bank Account (PBA) documentation for use in conjunction with its main standard forms of contract.

Publication follows an industry-wide consultation aimed at polling the views of those undertaking construction projects on the use of the JCT PBA provisions. The consultation, which took place last year, found that:

  • 90% of respondents thought the JCT PBA provisions were suitable for their purpose;
  • 5% of respondents had been involved in a project using a PBA; and
  • Estimates of the number of projects likely to use PBAs ranged from zero to 100%, the average being 30%.

The published edition of the JCT PBA documentation (which includes a summary of the consultation findings) is available from Thomson Reuters Sweet and Maxwell and can be purchased from www.jctcontracts.com or via specialist and trade bookshops.

For more information go to www.jctltd.co.uk

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