sch.1B-sec.33Deposits

### sch.1B-sec.33 Deposits The building contractor under a regulated contract must not, before starting to provide the contracted services at the building site, demand or receive a deposit under the contract of more than— for a level 1 regulated contract (other than a contract mentioned in paragraph (c) )—10% of the contract price; or for a level 2 regulated contract (other than a contract mentioned in paragraph (c) )—5% of the contract price; or for a level 1 or 2 regulated contract under which the value of the off-site work is more than 50% of the contract price—20% of the contract price. Maximum penalty—100 penalty units. In this section, a reference to the contract price for a contract includes, for a cost plus contract, a reference to the estimated amount for the contract. In this section— deposit , for a regulated contract, includes any payment for domestic building work demanded or received by the building contractor prior to the contracted services commencing at the building site, including, for example, any insurance premium paid under part 5 . off-site work , for a regulated contract, means contracted services performed at a place that is not the place at which the domestic building work is to be finally installed or constructed under the contract. sch 1B s 33 ins 2014 No. 57 s 60 (sch.1B-sec.33-ssec.1) The building contractor under a regulated contract must not, before starting to provide the contracted services at the building site, demand or receive a deposit under the contract of more than— for a level 1 regulated contract (other than a contract mentioned in paragraph (c) )—10% of the contract price; or for a level 2 regulated contract (other than a contract mentioned in paragraph (c) )—5% of the contract price; or for a level 1 or 2 regulated contract under which the value of the off-site work is more than 50% of the contract price—20% of the contract price. Maximum penalty—100 penalty units. (sch.1B-sec.33-ssec.2) In this section, a reference to the contract price for a contract includes, for a cost plus contract, a reference to the estimated amount for the contract. (sch.1B-sec.33-ssec.3) In this section— deposit , for a regulated contract, includes any payment for domestic building work demanded or received by the building contractor prior to the contracted services commencing at the building site, including, for example, any insurance premium paid under part 5 . off-site work , for a regulated contract, means contracted services performed at a place that is not the place at which the domestic building work is to be finally installed or constructed under the contract. - (a) for a level 1 regulated contract (other than a contract mentioned in paragraph (c) )—10% of the contract price; or - (b) for a level 2 regulated contract (other than a contract mentioned in paragraph (c) )—5% of the contract price; or - (c) for a level 1 or 2 regulated contract under which the value of the off-site work is more than 50% of the contract price—20% of the contract price.