STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 207
Bond to be given
STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 207
Bond to be given
207 Bond to be given
(1) The developer of a strata scheme must give the Secretary a security (a
"building bond" ), in terms acceptable to the Secretary , for building work to
which this Part applies before an application is made for an occupation
certificate under the Environmental Planning and Assessment Act 1979 for any
part of a building for which the building work was done. (2) The amount
secured by a building bond is to be 2% of the contract price for the
building work . (3) The purpose of the building bond is to secure funding for
the payment (up to the amount secured by the bond) of the costs of rectifying
defective building work identified in a final report under this Part. (4) If
the building work to which this Part applies comprises only part of the
building work to which a contract price applies, the amount secured is to be
2% of the part of the contract price applicable to the building work to which
this Part applies. (5) A developer must not fail to comply with this section.
: Maximum penalty--10,000 penalty units and, in the case of a continuing
offence, a further 200 penalty units for each day the offence continues.
http://www.austlii.edu.au/au/legis/nsw/consol_act/ssma2015242/s207.html