(a) in accordance with the terms of
the contract, or
(b) if the contract makes no express provision with respect
to the matter, having regard to--
(i) the contract price for the work, and
(ii) any other rates or prices set out in the contract, and
(iii) 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
(iv) if any of the work is defective, the estimated
cost of rectifying the defect.
(a)
in accordance with the terms of the contract, or
(b) if the contract makes no
express provision with respect to the matter, having regard to--
(i) the
contract price for the goods and services, and
(ii) any other rates or prices
set out in the contract, and
(iii) 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
(iv) if any of
the goods are defective, the estimated cost of rectifying the defect,
and, in
the case of materials and components that are to form part of any building,
structure or work arising from construction work, on the basis that 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
construction work is being carried out.
