(1)  This Act applies to any building or construction contract, whether the contract –

(a) is written or oral; or

(b) is partly written and partly oral; or

(c) is expressed to be governed by the law of a jurisdiction other than Tasmania.

(2)  This Act does not apply to a building or construction contract to the extent to which it relates to building work or construction work carried out outside this State.

(3)  Despite subsection (2) , this Act applies to any building or construction contract in so far as the contract relates to the supply by a person in this State of building or construction-related goods and services, even though the goods and services are supplied in respect of building work or construction work carried out outside this State.

(4)  However, despite subsection (3) , nothing in this Act is to be taken to entitle a person to a payment if a claim for the payment has been made under the law of another jurisdiction.

(5)  Despite subsection (1) , this Act does not apply to a building or construction contract –

(a) that forms part of a loan agreement, a contract of guarantee or a contract of insurance, if the agreement or contract is an agreement or contract under which a recognised financial institution undertakes –

(i) to lend money or to repay money lent; or

(ii) to guarantee payment of money owing or repayment of money lent; or

(iii) to provide an indemnity in respect of building work or construction work carried out, or building or construction-related goods and services supplied, under the building or construction contract; or

(b) under which it is agreed that the consideration payable for building work or construction work carried out under the contract, or for building or construction-related goods and services supplied under the contract, is to be calculated otherwise than by reference to the value of the work carried out or the value of the goods and services supplied.

(6)  This Act does not apply to a building or construction contract to the extent to which it contains provisions under which a party –

(a) undertakes to carry out building work or construction work; or

(b) undertakes to supply building or construction-related goods and services –

as an employee of the party for whom the work is to be carried out or the goods and services are to be supplied, or as a condition of a loan agreement with a recognised financial institution.

(7)  This Act does not apply to a building or construction contract to the extent to which it contains provisions under which a party undertakes –

(a) to lend money or to repay money lent; or

(b) to guarantee payment of money owing or repayment of money lent; or

(c) to provide an indemnity in respect of building work or construction work carried out, or building or construction-related goods and services supplied, under the building or construction contract.

(8)  This Act does not apply to a building or construction contract, or a class of building or construction contracts, prescribed to be a contract or class of contracts to which this Act does not apply.