Queensland Consolidated Acts Queensland Consolidated Acts(1) The building owner under a regulated contract may end the contract if--
(a) the contract price rises by 15% or more after the contract is entered into because of the operation of a cost escalation clause contained in the contract; or
(b) the subject work is not finished within a period that is 1.5 times--
(i) if the contract has an effective completion date--the period starting on the starting date for the contract and ending on the effective completion date; or
(ii) if the contract has an effective completion period--the period.
(2) However, the building owner may end the contract only if--
(a) the reason for the rise in price, or increase in time, could reasonably have been foreseen by the building contractor when the contract was entered into; and
(b) for a rise in price--the rise is not caused by a delay for which the building owner is responsible.
(3) To end the contract, the building owner must give the building contractor a notice under this section.
(4) The notice mentioned in subsection (3) must--
(a) be in writing; and
(b) be signed by the building owner; and
(c) state the building owner is ending the contract under this section; and
(d) state the ground on which the building owner is ending the contract; and
(e) give details of the ground.
(5) In this section--
starting date, for a regulated contract, means the date stated in the contract as the date the subject work is to start.