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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 72
Valuation of construction work and related goods and services
72 Valuation of construction work and related goods and services
(1) Construction work carried out under a construction contract is to be
valued— (a) if the contract provides for the matter—in accordance with the
contract; or
(b) if the contract does not provide for the matter—having
regard to— (i) the contract price for the work; and
(ii) any other rates or
prices stated in the contract; and
(iii) any variation agreed to by the
parties to the contract by which the contract price, or any other rate or
price stated in the contract, is to be adjusted by a specific amount; and
(iv) if any of the work is defective, the estimated cost of rectifying the
defect.
(2) Related goods and services supplied under a construction contract
are to be valued— (a) if the contract provides for the matter—in
accordance with the contract; or
(b) if the contract does not provide for the
matter—having regard to— (i) the contract price for the goods and
services; and
(ii) any other rates or prices stated in the contract; and
(iii) any variation agreed to by the parties to the contract by which the
contract price, or any other rate or price stated in the contract, is to be
adjusted by a specific amount; and
(iv) if any of the goods are defective,
the estimated cost of rectifying the defect.
(3) For subsection (2) (b) , for
materials and components that are to form part of any building, structure or
work arising from construction work, the only materials and components to be
included in the valuation are those that have become or, on payment, will
become the property of the party or other person for whom construction work is
being carried out.
(4) In this section—
"contracted party" , for a construction contract, means the party to the
contract who is required to carry out the construction work under the
contract.
"contract price" , for a construction contract, means the amount the
contracted party is entitled to be paid under the contract or, if the amount
can not be accurately calculated, the reasonable estimate of the amount the
contracted party is entitled to be paid under the contract.
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