In this part—
"approved security provider" means a financial institution that is an
approved security provider under the Financial Accountability Act 2009 .
"building contract" see section 67AAA .
"carry out building work" means—
(a) carry out building work personally; or
(b) directly or indirectly, cause building work to be carried out; or
(c) provide advisory, administrative, management or supervisory services for carrying out building work.
(a) the period worked out under the contract as being the period that—(i) starts on the day of practical completion for the building work carried out under the contract; and(ii) ends on the last day any omission or defect in the building work, carried out under the contract, may be required or directed to be rectified under the contract; or
(b) if the contract does not provide for a period mentioned in paragraph (a) —the statutory defects liability period under the Queensland Building and Construction Commission Act 1991 , section 67NA (2) .
(a) the day practical completion of the work is achieved, as worked out under the contract; or
(b) if the contract does not provide for the day practical completion of the work is achieved—the day the work is 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.
(a) is not a building contractor; or
(b) is a building contractor, but did not enter into the building contract in the course of carrying on business as a building contractor.
(a) given to, or for the direct or indirect benefit of, the contracting party for the contract by or for the contracted party for the contract; 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, other than an amount held as a retention amount for the contract;(ii) 1 or more valuable instruments, whether or not exchanged for, or held instead of, a retention amount for the contract.
(a) a banker’s undertaking;
(b) a bond;
(c) inscribed stock;
(d) a guarantee policy;
(e) an interest bearing deposit.