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ARTICLE · 02 AUGUST 2012

Project Bank Accounts – The Way Forward?

Fenwick Elliott LLP
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Since their launch five years ago, Project Bank Accounts have been used on public sector contracts worth £2.5bn. In line with the Government Construction Strategy, the Government has confirmed Project Bank Accounts will be used on public sector projects "unless there are compelling reasons not to do so". Project Bank Accounts are therefore quickly becoming standard in public sector procurement and their use might become just as widespread in private sector procurement in the not too distant futu

United KingdomReal Estate and Construction
Lisa Kingston
Lisa Kingston
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What is a Project Bank Account?

Since their launch five years ago, Project Bank Accounts have been used on public sector contracts worth £2.5bn. In line with the Government Construction Strategy, the Government has confirmed Project Bank Accounts will be used on public sector projects "unless there are compelling reasons not to do so". Project Bank Accounts are therefore quickly becoming standard in public sector procurement and their use might become just as widespread in private sector procurement in the not too distant future.

This thirteenth issue of Insight considers (i) how Project Bank Accounts work in practice; (ii) their advantages and disadvantages; and (iii) practical advice for newcomers to Project Bank Accounts.

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