Queensland Consolidated Acts
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[Help]
QUEENSLAND BUILDING AND CONSTRUCTION COMMISSION ACT 1991 - SECT 67K
Limits for retention amounts and securities for building contracts other than subcontracts
67K Limits for retention amounts and securities for building contracts other
than subcontracts
(1) This section applies to a building contract if the contracting party under
the contract is a principal or a special purpose vehicle.
(2) The building
contract is subject to a condition that at any time before, under the
contract, practical completion of building work is reached, the total value of
the following is to be not more than 5% of the contract price for the
contract— (a) all retention amounts for the contract that are being
withheld;
(b) all securities for the contract given and still held.
(3)
Subsection (2) does not apply to retention amounts or securities to the extent
that the retention amounts or securities are for the financial protection of
the contracting party, having regard to amounts paid by the contracting party
that relate to something that has not yet been installed in accordance with
the requirements of the contract.
(4) The building contract is not subject to
the condition mentioned in subsection (2) if— (a) the contract— (i) is in
writing; and
(ii) explains the condition; and
(iii) expressly provides that
the contract is not subject to the condition; and
(b) the provision of the
contract that expressly provides in the way mentioned in paragraph (a) (iii)
is initialled by the parties to the contract.
AustLII: Copyright Policy
| Disclaimers
| Privacy Policy
| Feedback