sec.67LLimits for retention amounts and securities for subcontracts

### sec.67L Limits for retention amounts and securities for subcontracts A subcontract is subject to a condition that, at any time before, under the contract, practical completion of building work is reached, the total value of the following is to be not more than 5% of the contract price for the subcontract— all retention amounts for the subcontract that are being withheld; all securities for the subcontract given and still held. Subsection (1) does not apply to retention amounts or securities to the extent that the retention amounts or securities are for the financial protection of the contracting party, having regard to amounts paid by the contracting party that relate to something that has not yet been installed in accordance with the requirements of the contract. Subsection (1) does not apply to a subcontract if the contracting party for the building contract is a special purpose vehicle. s 67L ins 1999 No. 43 s 29 amd 2013 No. 58 s 27 (sec.67L-ssec.1) A subcontract is subject to a condition that, at any time before, under the contract, practical completion of building work is reached, the total value of the following is to be not more than 5% of the contract price for the subcontract— all retention amounts for the subcontract that are being withheld; all securities for the subcontract given and still held. (sec.67L-ssec.2) Subsection (1) does not apply to retention amounts or securities to the extent that the retention amounts or securities are for the financial protection of the contracting party, having regard to amounts paid by the contracting party that relate to something that has not yet been installed in accordance with the requirements of the contract. (sec.67L-ssec.3) Subsection (1) does not apply to a subcontract if the contracting party for the building contract is a special purpose vehicle. - (a) all retention amounts for the subcontract that are being withheld; - (b) all securities for the subcontract given and still held.