(b) the contracting party has given -
(i) written notice (the "first notice") to the contracted party for the contract advising of the proposed reduction or use and, if the amount owed can be quantified when the first notice is given, of the amount owed; and
(ii) if the amount owed can not be quantified when the first notice is given, a further written notice (the "second notice") to the contracted party advising of the amount owed.
(2) The first notice must be given within 28 days after the contracting party becomes aware, or ought reasonably to have become aware, of the contracting party's right to obtain the amount owed.
(3) If the second notice is required to be given, it must be given within 3 business days after the contracting party becomes able to quantify the amount owed.
(4) If, because of subsections (1) and (2) or (1), (2) and (3), the
contracting party is stopped from reducing an amount payable under a building contract by an amount owed under the contract, or from using a security for a building contract to obtain an amount owed under the contract, the contracting party for the contract is not stopped from recovering the amount owed in another way.
(5) In this section -
"amount owed", under a building contract, means an amount that, under the contract, and subject to its being quantified, is owed by the
contracted party for the contract to the contracting party for the contract because of circumstances associated with the contracted party's performance of the contract.
"amount payable", under a building contract, means an amount that, under the building contract, is payable by the contracting party for the contract to the contracted party for the contract, including any amount payable to the contracted party from a retention amount for the contract." (emphasis in original)