Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 104

104 Definitions

In this chapter—

"contractor" , for a contract, means the party to the contract who is required to carry out work under the contract.

"contract price" , for a contract, means the amount the contractor is entitled to be paid under the contract or, if the amount can not be accurately calculated, the reasonable estimate of the amount the contractor is entitled to be paid under the contract.

"court" means the Magistrates Court, District Court or Supreme Court in which a proceeding may be taken under this chapter.

"land" means any land within Queensland and includes land under water.

"notice of claim" see section 122 (1) .

"person" includes an unincorporated association.

"security" , for a contract, means something—

(a) given to, or for the direct or indirect benefit of, the party to the contract for whom the work the subject of the contract is to be performed, by the contractor; and

(b) intended to secure, wholly or partly, the performance of the contract; and

(c) in the form of either, or a combination of both, of the following—

(i) an amount of money, other than an amount held as a retention amount;

(ii) 1 or more valuable instruments, whether or not exchanged for, or held instead of, a retention amount.

(a) component parts fixed to the land; and

(b) component parts that rise and fall with the rise and fall of the water, and that are otherwise confined in their location by component parts fixed to the land.

Example of a structure included under this definition—

A marina made up of fixed pylons, and pontoons that rise and fall with the water level that are otherwise confined in their location by the pylons.

(a) banker’s undertaking;

(b) bond;

(c) inscribed stock;

(d) guarantee policy;

(e) interest-bearing deposit;

(f) another instrument, to the extent it is convertible into an amount of money.