Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 15F

15F Contracts with less than 90 days until practical completion

(1) A project trust is not required for a contract if there is less than 90 days between—

(a) the first day a project trust would, apart from this section, be required for the contract (the
"trigger date" ); and

Note—

If the effect of an amendment of a contract is that the contract becomes eligible for a project trust for the first time, the trigger date is the day the amendment takes effect. See section 14A .

(b) the day practical completion for the contracted work is expected to occur.

(2) If a project trust is not required for a contract because of subsection (1) , the contracted party must review the application of this section to the contract each time an amendment of the contract is made that is likely to affect the day practical completion for the contracted work is expected to occur.

(3) In this section—

"amendment" , of a contract, includes any variation of the contract or change in the contract price.

"practical completion" , for contracted work for a contract, means—

(a) practical completion as provided for under the contract; or

(b) if the contract does not provide for practical completion—when the contracted work would reasonably be estimated to be completed—

(i) in compliance with the contract, including all plans and specifications for the work and all statutory requirements applying to the work; and

(ii) without any defects or omissions, other than minor defects or minor omissions that will not unreasonably affect the intended use of the work.