sec.72Valuation of construction work and related goods and services

### sec.72 Valuation of construction work and related goods and services Construction work carried out under a construction contract is to be valued— if the contract provides for the matter—in accordance with the contract; or if the contract does not provide for the matter—having regard to— the contract price for the work; and any other rates or prices stated in the contract; and any variation agreed to by the parties to the contract by which the contract price, or any other rate or price stated in the contract, is to be adjusted by a specific amount; and if any of the work is defective, the estimated cost of rectifying the defect. Related goods and services supplied under a construction contract are to be valued— if the contract provides for the matter—in accordance with the contract; or if the contract does not provide for the matter—having regard to— the contract price for the goods and services; and any other rates or prices stated in the contract; and any variation agreed to by the parties to the contract by which the contract price, or any other rate or price stated in the contract, is to be adjusted by a specific amount; and if any of the goods are defective, the estimated cost of rectifying the defect. For subsection (2) (b) , for materials and components that are to form part of any building, structure or work arising from construction work, 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 or other person for whom construction work is being carried out. In this section— contracted party , for a construction contract, means the party to the contract who is required to carry out the construction work under the contract. contract price , for a construction contract, means the amount the contracted party is entitled to be paid under the contract or, if the amount can not be accurately calculated, the reasonable estimate of the amount the contracted party is entitled to be paid under the contract. (sec.72-ssec.1) Construction work carried out under a construction contract is to be valued— if the contract provides for the matter—in accordance with the contract; or if the contract does not provide for the matter—having regard to— the contract price for the work; and any other rates or prices stated in the contract; and any variation agreed to by the parties to the contract by which the contract price, or any other rate or price stated in the contract, is to be adjusted by a specific amount; and if any of the work is defective, the estimated cost of rectifying the defect. (sec.72-ssec.2) Related goods and services supplied under a construction contract are to be valued— if the contract provides for the matter—in accordance with the contract; or if the contract does not provide for the matter—having regard to— the contract price for the goods and services; and any other rates or prices stated in the contract; and any variation agreed to by the parties to the contract by which the contract price, or any other rate or price stated in the contract, is to be adjusted by a specific amount; and if any of the goods are defective, the estimated cost of rectifying the defect. (sec.72-ssec.3) For subsection (2) (b) , for materials and components that are to form part of any building, structure or work arising from construction work, 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 or other person for whom construction work is being carried out. (sec.72-ssec.4) In this section— contracted party , for a construction contract, means the party to the contract who is required to carry out the construction work under the contract. contract price , for a construction contract, means the amount the contracted party is entitled to be paid under the contract or, if the amount can not be accurately calculated, the reasonable estimate of the amount the contracted party is entitled to be paid under the contract. - (a) if the contract provides for the matter—in accordance with the contract; or - (b) if the contract does not provide for the matter—having regard to— (i) the contract price for the work; and (ii) any other rates or prices stated 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 stated 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. - (i) the contract price for the work; and - (ii) any other rates or prices stated 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 stated 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. - (i) the contract price for the work; and - (ii) any other rates or prices stated 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 stated 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. - (a) if the contract provides for the matter—in accordance with the contract; or - (b) if the contract does not provide for the matter—having regard to— (i) the contract price for the goods and services; and (ii) any other rates or prices stated 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 stated 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. - (i) the contract price for the goods and services; and - (ii) any other rates or prices stated 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 stated 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. - (i) the contract price for the goods and services; and - (ii) any other rates or prices stated 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 stated 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.