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QUEENSLAND BUILDING AND CONSTRUCTION COMMISSION ACT 1991 - SECT 67S
Lodgement of security instead of retention amount or security in money form
67S Lodgement of security instead of retention amount or security in money
form
(1) This section applies if the contracted party for a building contract is
under a lawful obligation to lodge a security in the form of an amount of
money (the
"relevant amount" ).
(2) The contracted party complies with the obligation
if— (a) the contracted party lodges with the contracting party a security,
in the form of a government bond or a valuable instrument from an approved
security provider, to take the place of the security in the form of money; and
(b) the value of the security is equal to the relevant amount.
(3) If the
contracted party lodges a security in the form of a valuable instrument from
an entity that is an approved security provider, and the entity stops being an
approved security provider, the contracted party must, if asked by the
contracting party, lodge a further security, in a form mentioned in subsection
(2) (a) , to take the place of the security in the form of money.
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