Queensland Consolidated Acts

BUILDING AND CONSTRUCTION INDUSTRY PAYMENTS ACT 2004 - SECT 14

(1) Construction work carried out or undertaken to be carried out under a construction contract is to be valued--

(a) under the contract; or

(b) if the contract does not provide for the matter, having regard to--

(i) the contract price for the work; and

(ii) any other rates or prices stated 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 stated 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.

(2) Related goods and services supplied or undertaken to be supplied under a construction contract are to be valued--

(a) under the terms of the contract; or

(b) if the contract does not provide for the matter, having regard to--

(i) the contract price for the goods and services; and

(ii) any other rates or prices stated 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 stated 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.

(3) For subsection (2)(b), for materials and components that are to form part of any building, structure or work arising from 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 or other person for whom construction work is being carried out.