48BBuilding contract to be entered into

48B Building contract to be entered into (1) A prescribed building contractor must not commence or continue to carry out prescribed building work unless the building contractor has entered into a contract with the owner of the land on which the building work is to be carried out or with a person authorised by the owner to enter into the contract. Building Act 1993 47 (2) The contract must include, but is not limited to, the matters required by the Regulations. (2A) A regulation may provide for the contract to include provisions about progress payments linked to specified stages of the prescribed building work. (3) Subsection (1) does not apply if: amount; or (b) the prescribed building contractor is the owner of the land on which the building work is to be carried out. (4) Despite subsection (3)(b), subsection (1) applies if, at any time after the building permit is granted in respect of the building work, the prescribed building contractor enters into an agreement with a person providing for: (a) the land to be transferred to the person before an occupancy permit is granted for the entire project; and (b) the person to make progress payments at times during the term of the agreement as the building work is carried out. (5) If subsection (1) applies because of subsection (4), the person referred to in subsection (4) is, for subsection (1), the owner of the land on which the building work is to be carried out.