OSPE - The Voice - Winter 2019 - 9

ADVOCACY IN ACTION

o If the person is a trustee of more than one trust under
Section 8, the trust funds may be deposited together in
a single bank account.
New Rules for Holdback
* Sections 26 and 27 of the Act have been amended to require
the payment of the holdback once all liens that may be
claimed against the holdback have expired or been satisfied,
discharged or otherwise provided for under the Act.
* Sections 26.1 and 26.2 of the Act provide that holdback may
be released on an annual or phased basis if certain conditions
are met, including the following:
o The contract provides for such payment;
o The contract price is $10 million or higher; and
o There are no preserved or perfected liens or all liens
have been satisfied, discharged or otherwise provided
for under the Act.
Right to Information
* Section 39 of the Act has been amended to clarify the right to
require information from an owner or contractor or between
a subcontractor and contractor with respect to the state of

accounts between the parties with specific information and
requires the party to state whether the contract provides
for payment based on the completion of specified phases
or milestones.
* A landlord whose interest in the premises is subject to a lien
must provide information relating to the lease and the state
of accounts.
OSPE is pleased that the Ontario Government listened to
input from engineers when modernizing the Construction
Act. "OSPE exists so that members can come together to
advocate for real change on issues that impact the engineering
profession, the industries they work in and ultimately all
Ontarians. We look forward to continuing to work with
government to ensure the voice of engineers is heard," said
OSPE CEO Sandro Perruzza.
➝ To view more details about all of the changes made in 2019 to
the Construction Act, visit the Society Notes blog blog.ospe.on.ca
to see OSPE affinity partner Corestone Law's full breakdown.

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* Subject to credit approval by National Bank. The offer constitutes a benefit granted to holders of a National Bank Platinum, World Mastercard® or World Elite® Mastercard® credit card. As an example, an offer
holder can potentially save up to $1,911 per year. This figure is based on the typical profile of an offer holder who has the following: a banking package equivalent to The TotalTM package, a World Elite Mastercard
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Winter 2020

THE VOICE

9


http://blog.ospe.on.ca http://www.nbc.ca/engineer http://www.nbc.ca/engineer

OSPE - The Voice - Winter 2019

Table of Contents for the Digital Edition of OSPE - The Voice - Winter 2019

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