sch.1B-sec.38Rights and obligations of parties following withdrawal in cooling-off period

### sch.1B-sec.38 Rights and obligations of parties following withdrawal in cooling-off period This section applies if a building owner withdraws from a regulated contract under schedule section 35 . If there is a prepaid amount for the contract that is not less than the retainable amount, the building contractor— may keep an amount equal to the retainable amount out of the prepaid amount; and must refund any balance of the prepaid amount to the building owner. If there is a prepaid amount for the contract that is less than the retainable amount, the building owner must pay the building contractor an amount equal to the difference between the retainable amount and the prepaid amount. If there is no prepaid amount for the contract, the building owner must pay the building contractor an amount equal to the retainable amount. If an amount is not paid by a person as required under this section, the person to whom it is payable may recover the amount from the other person as a debt. Except as provided under subsection (3) or (4) , the building owner is not liable to the building contractor in any way for withdrawing from the contract. In this section, a reference to the prepaid amount for the contract is a reference to the amount paid to the building contractor under the contract by the building owner before the building owner withdrew from the contract. Also, in this section, a reference to the retainable amount for the contract is a reference to the sum of— an amount equal to any out-of-pocket expenses reasonably incurred by the building contractor before the building owner withdrew from the contract; and if the building owner withdraws from the contract under schedule section 35 (1) —$100. sch 1B s 38 ins 2014 No. 57 s 60 (sch.1B-sec.38-ssec.1) This section applies if a building owner withdraws from a regulated contract under schedule section 35 . (sch.1B-sec.38-ssec.2) If there is a prepaid amount for the contract that is not less than the retainable amount, the building contractor— may keep an amount equal to the retainable amount out of the prepaid amount; and must refund any balance of the prepaid amount to the building owner. (sch.1B-sec.38-ssec.3) If there is a prepaid amount for the contract that is less than the retainable amount, the building owner must pay the building contractor an amount equal to the difference between the retainable amount and the prepaid amount. (sch.1B-sec.38-ssec.4) If there is no prepaid amount for the contract, the building owner must pay the building contractor an amount equal to the retainable amount. (sch.1B-sec.38-ssec.5) If an amount is not paid by a person as required under this section, the person to whom it is payable may recover the amount from the other person as a debt. (sch.1B-sec.38-ssec.6) Except as provided under subsection (3) or (4) , the building owner is not liable to the building contractor in any way for withdrawing from the contract. (sch.1B-sec.38-ssec.7) In this section, a reference to the prepaid amount for the contract is a reference to the amount paid to the building contractor under the contract by the building owner before the building owner withdrew from the contract. (sch.1B-sec.38-ssec.8) Also, in this section, a reference to the retainable amount for the contract is a reference to the sum of— an amount equal to any out-of-pocket expenses reasonably incurred by the building contractor before the building owner withdrew from the contract; and if the building owner withdraws from the contract under schedule section 35 (1) —$100. - (a) may keep an amount equal to the retainable amount out of the prepaid amount; and - (b) must refund any balance of the prepaid amount to the building owner. - (a) an amount equal to any out-of-pocket expenses reasonably incurred by the building contractor before the building owner withdrew from the contract; and - (b) if the building owner withdraws from the contract under schedule section 35 (1) —$100.