• Project bank account videos

    Overview of project bank accounts

    Provides an introduction to project bank accounts in BMW construction contracts including:

    • what they are and how they are structured
    • benefits and limitations of project bank accounts
    • parties involved in the payment process
    • how the payment process works

    Pre-tender considerations

    Describes the important factors head contractors need to be aware of in preparing a tender for a Building Management and Works construction contract. It covers:

    •  how to tell if the contract will use a project bank account
    •  key project bank account documents
    •  considerations in pricing your tender.

    Post-contract award

    Describes the key activities that the contractor must complete following contract award.  It includes:

    • establishing the trust
    • creating the accounts
    • conducting the $1 test payment.

    Setting up a project bank account – banking information

    Describes how a project bank account is structured and the process of setting up the project bank account.


    Monthly payment process - timeframes

    Describes the activities and timeframes for the monthly payment process.  This video complements the Monthly Payment process documentation video.


    Monthly payment process - documentation

    Describes the following documents that form a part of the monthly payment process:

    • progress payment instruction
    • progress report
    • statutory declaration.

    Refer to the video Monthly Payment Process Timelines for additional information on payments.


    Subcontractors and project bank accounts

    Outlines:

    • the benefits and limitations of project bank accounts from a subcontractor perspective
    • how project bank accounts are established and how they are structured
    • which subcontractors and suppliers will be paid through a project bank account
    • payment process from a subcontractor perspective.