Building and Construction Industry Security of Payment Regulation 2020
3Definitions
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3 Definitions
3 Definitions
(1) In this Regulation—
retention money has the same meaning as in section 12A(5) of the Act.
Note.
Money is retention money only while it is held as security for the performance of the subcontractor’s obligations. If the head contractor becomes entitled to money held as retention money, the money ceases to be retention money and the requirement under this Part that the money be held in trust for the subcontractor in a retention money trust account ceases.
the Act means the Building and Construction Industry Security of Payment Act 1999.
Note.
The Act and the Interpretation Act 1987 contain definitions and other provisions that affect the interpretation and application of this Regulation.
(1A) For the purposes of paragraph (b) of the definition of exempt residential construction contact in section 4(1) of the Act, an owner occupier construction contract is prescribed.
(2) Notes included in this Regulation do not form part of this Regulation.
cl 3: Am 2020 (504), Sch 2[1].