There has been a lot written about project bank accounts (PBA) in recent months. At times, however, the information has been rather inconsistent and confusing. I was instrumental in setting up the PBA for the Defence Estates Andover North Site Prime Contract in 2001. More recently, I worked alongside Barclays and the Bank of Scotland developing their PBA products, and with the authors of the PBA versions of the standard forms. I would like to clarify a number of misconceptions... This is not the case. Both banks have set up interest bearing accounts. The account is in credit for between three and five days (depending on whether it is a BACS or CHAPS payment) at each payment cycle and the period between the deposit of funds and payments to the delivery team.
展开▼
