11Valuation of construction work and related goods and services

11 Valuation of construction work and related goods and services S. 11(1) amended by No. 42/2006 s. 12(a)(i). (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 S. 11(1)(b)(iii) substituted by No. 42/2006 s. 12(a)(ii). (iii) if there is a claimable variation, any amount by which the contract price or other rate or price set out in the contract, is to be adjusted as a result of the variation; and (iv) if any of the work is defective, the estimated cost of rectifying the defect. S. 11(2) amended by No. 42/2006 s. 12(b)(i). (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 S. 11(2)(b)(iii) substituted by No. 42/2006 s. 12(b)(ii). (iii) if there is a claimable variation, any amount by which the contract price or other rate or price set out in the contract, is to be adjusted as a result of the variation; and (iv) if any goods are defective, the estimated cost of rectifying the defect. (3) For the purposes of subsection (2)(b), the valuation of materials and components that are to form part of any building, structure or work arising from construction work is to be 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. 12 amended by No. 42/2006 s. 13 (ILA s. 39B(1)).