Project bank account

UK Government guidance describes a PBA as "a ring-fenced bank account from which payments are made directly and simultaneously to a lead contractor and members of the supply chain.

[1] John M. Stevens, Director of Dodd Group, an electrical and mechanical services sub-contractor, reflects that "without doubt this has to be the way forward for our industry if the current payment culture is to be eradicated".

[1] A UK Government briefing document published in 2012 identified the Crossrail project, the Highways Agency and the Ministry of Defence as users of the PBA approach to payments.

[2] The Joint Contracts Tribunal (JCT) provides documentation to support the use of a PBA involving the client, prime contractor and sub-contractors.

[3] Crossrail refers to its use of PBAs as a feature of its "legacy learning" for future projects whose partners want to implement the process.