AustLII Tasmanian Numbered Acts

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BUILDING AND CONSTRUCTION INDUSTRY SECURITY OF PAYMENT ACT 2009 (NO. 86 OF 2009) - SECT 13

How value of building work or construction work, &c., to be determined

(1)  The value of building work or construction work carried out under a building or construction contract is to be determined in accordance with the terms of the contract.
(2)  However, if a building or construction contract does not expressly determine the value of building work or construction work, or specify how the value of building work or construction work is to be determined, the value of the building work or construction work is to be determined having regard to –
(a) the contract price for the work, including any GST that may be payable in relation to the work; and
(b) any other rates or prices set out in the contract; and
(c) any variation agreed to by the parties to the contract by which the contract price, or any other rate or price set out in the contract, is to be adjusted by a specific amount; and
(d) if any of the work is defective, the estimated cost of rectifying the defect.
(3)  The value of building or construction-related goods and services supplied, or undertaken to be supplied, under a building or construction contract is to be determined in accordance with the terms of the contract.
(4)  However, if a building or construction contract does not expressly determine the value of building or construction-related goods and services, or specify how the value of building or construction-related goods and services is to be determined, their value is to be determined having regard to –
(a) the contract price for the building or construction-related goods and services; and
(b) any other rates or prices set out in the contract; and
(c) any variation agreed to by the parties to the contract by which the contract price, or any other rate or price set out in the contract, is to be adjusted by a specific amount; and
(d) if any of the goods are defective, the estimated cost of rectifying the defect.
(5)  If building or construction-related goods and services consist of materials and components that are to form part of any building, structure, or work, arising from building work or 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 for whom the building work or construction work is being carried out.



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