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Security of payment – retention trust scheme

Do your contracts include a retention money clause? If so, you may be covered by the retention trust scheme under the Building and Construction Industry (Security of Payment) Act 2021 (WA) (SOP Act).
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Retention money is funds withheld (either by the client from a builder, or a builder from a sub-contractor) as security for completing works as agreed. WA’s retention trust scheme (as part of the SOP Act) mandates that this money be held in trust, and controls how this money is managed.  

A retention money clause can be added to standard building contracts as a special condition or may be included in client-drafted agreements. If the clause is in there, you may be covered by the scheme. So, it’s important to understand how retention money must be handled under WA law. 

Get a fast understanding of the retention trust scheme in this informative and easy-to-read resource.

Access this resource now

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FREE

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Didn’t find what you were looking for?

Who is it for?

Building Professionals

Building professionals in Western Australia using or considering contracts that include a retention money clause.

What does it include?

  • What is retention money? 
  • When is retention money required? 
  • What is the retention trust scheme? 
  • When does the scheme apply? 
  • What are the exclusions?

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