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JCT Project Bank Accounts
Amongst the many documents published by the JCT lurks the Project Bank Account documents, designed for use with the JCT standard forms. Both the NEC’s Engineering and Construction Contract and PPC 2000 already allow for use of project bank accounts so JCT has been lagging behind in this. One of the obvious advantages of a project bank account into which interim payments are made is that there are funds available to keep the project running in the event of contractor insolvency.
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