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Now that BIF 1.5 is in operation, failure to pay retentions or holding too much retention can be the subject of fines or jail time.
However, the problem is that the calculation of retentions is subject to a lot of ifs, buts, howevers and maybes.
We have a retentions calculator with explanations to help you navigate this issue.
67P interest is interest payable pursuant to section 67P of the Queensland Building and Construction Commission Act 1991.
Section 67P overrides the rate of interest specified in the contract unless the rate in the contract is a lot higher.
Your trade does not have to be part of the QBCC licensing regime. For example, earthworks contractors are not QBCC licensed but in many cases they can claim 67P interest.
It can be a very effective form of debt recovery where someone is spinning out payment for as long as they can.
This is interest that can be recovered on progress claims, BIF applications, QCAT applications and in court. The highest recorded in a court decision so far is $1.2 million.
The calculation can be difficult and the rate for each day changes. That is why you need to use this site.
You will not be given this interest automatically by an adjudicator or a court. You have to specifically ask for it and calculate it. This site provides you with the information necessary to claim 67P interest.
If you want to use this interest rate sign up. If you need more information click here
BCIPA is no more. All new claims for payment are being dealt with under BIF.
However, while we have progressed through BIF 1.0 and BIF 1.5, we still have BIF 2.0 to go.
However, the government is in the process of making some changes to the legislation that have not even been tabled in parliament as a bill so it is unclear as to when BIF will be extended and exactly what form it will take.
BIF is an expedited debt recovery processes.
While marketed as a simple process there are people who have not been successful due to a failure to comply with a technical requirement involving progress claims,
We can help you with your progress claims.
This is a course designed specifically for subcontractors and builders that will improve your quality of life and improve business. Numbers are kept small in order to make sure that everyone gets the training they need
This system contains all the forms you will need to manage a contraction contract
It also contains online contracts that will enable you to comply with the mandatory contract provisions of the Queensland Building and Construction Commission Act 1991.