Common use of PT PCP Subcontract Clause in Contracts

PT PCP Subcontract. A subcontract between a Reporting Entity and another party (Other Party) where: the subcontract is, wholly or in part, for the provision of goods or services for the purposes of the Contract; both parties are carrying on business in Australia; and the component of the subcontract for the provision of goods or services for the purposes of the Contract has a total value of less than, or is reasonably estimated to not exceed, $1,000,000 (GST inclusive) during the period of the subcontract, not including any options, extensions, renewals or other mechanisms that may be executed over the life of the subcontract (but including work or official orders entered into that are valued at up to $1,000,000 (GST inclusive) under standing offer or panel arrangements), but does not include the following subcontracts: subcontracts entered into prior to the Reporting Entities' tender response for the Contractor's Activities and the Works; subcontracts which contain standard terms and conditions put forward by the Other Party and which cannot reasonably be negotiated by the Reporting Entity; or subcontracts for the purposes of: procuring and consuming goods or services overseas; or procuring real property, including leases and licences. PT PCP Subcontractor The party that is entitled to receive payment for the provision of goods or services under a PT PCP Subcontract. PTR Act The Payment Times Reporting Act 2020 (Cth), as amended from time to time, and includes a reference to any subordinate legislation made under the Act.

PT PCP Subcontract. A subcontract between a Reporting Entity and another party (Other Party) where: the subcontract is, wholly or in part, for the provision of goods or services for the purposes of the Contract; both parties are carrying on business in Australia; and the component of the subcontract for the provision of goods or services for the purposes of the Contract has a total value of less than, or is reasonably estimated to not exceed, $1,000,000 (GST inclusive) during the period of the subcontract, not including any options, extensions, renewals or other mechanisms that may be executed over the life of the subcontract (but including work or official orders entered into that are valued at up to $1,000,000 (GST inclusive) under standing offer or panel arrangements), but does not include the following subcontracts: subcontracts entered into prior to the Reporting Entities' tender response for the Contractor's Activities and the WorksEngagement; subcontracts which contain standard terms and conditions put forward by the Other Party and which cannot reasonably be negotiated by the Reporting Entity; or subcontracts for the purposes of: procuring and consuming goods or services overseas; or procuring real property, including leases and licences. PT PCP Subcontractor The party that is entitled to receive payment for the provision of goods or services under a PT PCP Subcontract. PTR Act The Payment Times Reporting Act 2020 (Cth), as amended from time to time, and includes a reference to any subordinate legislation made under the Act.