ABIC 2008 staged payments (for residential projects)

The information below is for the 2008 contracts only. Versions of Schedule 2a for the 2018 contracts have been developed and reissued here.

In the current financial environment, some lenders have changed their lending practices for residential projects. In some states and territories, this has affected residential projects with a *contract price up to $1.5 million.

These lenders have become concerned that a system of monthly progress claims give rise to the potential for unpredictable risk exposure during the duration of the project – this view is not shared by the ABIC joint venture partners.