10Valuation of construction work and related goods and services

#### 10 Valuation of construction work and related goods and services 10 Valuation of construction work and related goods and services > > (1) Construction work carried out or undertaken to be carried out under a construction contract is to be valued— > > > > > (a) in accordance with the terms of the contract, or > > > > > (b) if the contract makes no express provision with respect to the matter, having regard to— > > > > > > > (i) the contract price for the work, and > > > > > > > (ii) any other rates or prices set out 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 set out 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) in accordance with the terms of the contract, or > > > > > (b) if the contract makes no express provision with respect to the matter, having regard to— > > > > > > > (i) the contract price for the goods and services, and > > > > > > > (ii) any other rates or prices set out 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 set out 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, > > > > > > and, in the case of materials and components that are to form part of any building, structure or work arising from construction work, on the basis that 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 for whom construction work is being carried out. > > **s 10:** Am 2002 No 133, Sch 1 \[15\] \[16\].