sec.14Eligibility of contract for project trust when contract entered into

### sec.14 Eligibility of contract for project trust when contract entered into A contract is eligible for a project trust if— the contracting party is the State, a state authority, a local government, an individual, a private entity or a hospital and health service; and more than 50% of the contract price is for project trust work; and the contract price is— if the contracting party is the State or a hospital and health service—$1 million or more; or otherwise—$10 million or more. Also, a contract is eligible for a project trust if— the contracting party is a State authority that has decided a project trust is to be established for the contract; and more than 50% of the contract price is for project trust work; and the contract price is $1 million or more. This section applies to a contract at the time the contract is entered into. In this section— private entity — means a company or other entity that is owned by any entity other than the State; but does not include a State authority. State does not include a State authority. s 14 sub 2020 No. 24 s 63 amd 2017 No. 43 ss 213 , 215 ; 2024 No. 14 s 25 (sec.14-ssec.1) A contract is eligible for a project trust if— the contracting party is the State, a state authority, a local government, an individual, a private entity or a hospital and health service; and more than 50% of the contract price is for project trust work; and the contract price is— if the contracting party is the State or a hospital and health service—$1 million or more; or otherwise—$10 million or more. (sec.14-ssec.2) Also, a contract is eligible for a project trust if— the contracting party is a State authority that has decided a project trust is to be established for the contract; and more than 50% of the contract price is for project trust work; and the contract price is $1 million or more. (sec.14-ssec.3) This section applies to a contract at the time the contract is entered into. (sec.14-ssec.4) In this section— private entity — means a company or other entity that is owned by any entity other than the State; but does not include a State authority. State does not include a State authority. - (a) the contracting party is the State, a state authority, a local government, an individual, a private entity or a hospital and health service; and - (b) more than 50% of the contract price is for project trust work; and - (c) the contract price is— (i) if the contracting party is the State or a hospital and health service—$1 million or more; or (ii) otherwise—$10 million or more. - (i) if the contracting party is the State or a hospital and health service—$1 million or more; or - (ii) otherwise—$10 million or more. - (i) if the contracting party is the State or a hospital and health service—$1 million or more; or - (ii) otherwise—$10 million or more. - (a) the contracting party is a State authority that has decided a project trust is to be established for the contract; and - (b) more than 50% of the contract price is for project trust work; and - (c) the contract price is $1 million or more. - (a) means a company or other entity that is owned by any entity other than the State; but - (b) does not include a State authority.