(1)  In this section –

money owing , in relation to a building or construction contract, means money owing for –

(a) building work or construction work carried out, or undertaken to be carried out, under the contract; or

(b) building or construction-related goods and services supplied, or undertaken to be supplied, under the contract;

pay-when-paid provision , of a building or construction contract, means a provision of the contract –

(a) that makes the liability of one party ( "the first party" ) to pay money owing to another party ( "the second party" ) contingent on payment to the first party by a further party ( "the third party" ) of the whole or a part of that money; or

(b) that makes the due date for payment of money owing by the first party to the second party dependent on the date on which payment of the whole or a part of that money is made to the first party by the third party; or

(c) that otherwise makes the liability to pay money owing, or the due date for payment of money owing, contingent or dependent on the operation of another contract.

(2)  A pay-when-paid provision of a building or construction contract has no effect in relation to any payment for –

(a) building work or construction work carried out, or undertaken to be carried out, under the contract; or

(b) building or construction-related goods and services supplied, or undertaken to be supplied, under the contract.