sch.1B-sec.34Progress payments for regulated contracts

### sch.1B-sec.34 Progress payments for regulated contracts The building contractor under a regulated contract must not claim an amount under the contract, other than a deposit, unless the amount— is directly related to the progress of carrying out the subject work at the building site; and is proportionate to the value of the subject work that relates to the claim, or less than that value. The claimed amount is for half of the contract price for a regulated contract, less a 5% deposit, and is demanded after the completion of half of the subject work. Maximum penalty—50 penalty units. A regulation may prescribe when an amount is proportionate to the value of subject work under a regulated contract. For subsection (1) , a building contractor is taken to claim an amount if the contractor demands or receives the amount. In this section— building site , for a regulated contract, does not include a place where the subject work has been, is being, or is to be, carried out if the work is required to later be installed or constructed at another place under the contract. deposit , for a regulated contract, means the deposit permitted for the contract under schedule section 33 (1) . sch 1B s 34 ins 2014 No. 57 s 60 (sch.1B-sec.34-ssec.1) The building contractor under a regulated contract must not claim an amount under the contract, other than a deposit, unless the amount— is directly related to the progress of carrying out the subject work at the building site; and is proportionate to the value of the subject work that relates to the claim, or less than that value. The claimed amount is for half of the contract price for a regulated contract, less a 5% deposit, and is demanded after the completion of half of the subject work. Maximum penalty—50 penalty units. (sch.1B-sec.34-ssec.2) A regulation may prescribe when an amount is proportionate to the value of subject work under a regulated contract. (sch.1B-sec.34-ssec.3) For subsection (1) , a building contractor is taken to claim an amount if the contractor demands or receives the amount. (sch.1B-sec.34-ssec.4) In this section— building site , for a regulated contract, does not include a place where the subject work has been, is being, or is to be, carried out if the work is required to later be installed or constructed at another place under the contract. deposit , for a regulated contract, means the deposit permitted for the contract under schedule section 33 (1) . - (a) is directly related to the progress of carrying out the subject work at the building site; and - (b) is proportionate to the value of the subject work that relates to the claim, or less than that value. Example for paragraph (b) — The claimed amount is for half of the contract price for a regulated contract, less a 5% deposit, and is demanded after the completion of half of the subject work.