sec.67NAStatutory defects liability period

### sec.67NA Statutory defects liability period This section applies to a building contract if— under the contract— a retention amount may be withheld; or a security may be held after practical completion in relation to the need to correct defects in the building work under the contract; and the contract does not provide for the release of the retention amount or security at the end of an identifiable period. The building contract is subject to a condition that the retention amount or security must be released to the person entitled to it at the end of 12 months starting on the day of practical completion for the contract (the statutory defects liability period ). s 67NA ins 2017 No. 43 s 278 (sec.67NA-ssec.1) This section applies to a building contract if— under the contract— a retention amount may be withheld; or a security may be held after practical completion in relation to the need to correct defects in the building work under the contract; and the contract does not provide for the release of the retention amount or security at the end of an identifiable period. (sec.67NA-ssec.2) The building contract is subject to a condition that the retention amount or security must be released to the person entitled to it at the end of 12 months starting on the day of practical completion for the contract (the statutory defects liability period ). - (a) under the contract— (i) a retention amount may be withheld; or (ii) a security may be held after practical completion in relation to the need to correct defects in the building work under the contract; and - (i) a retention amount may be withheld; or - (ii) a security may be held after practical completion in relation to the need to correct defects in the building work under the contract; and - (b) the contract does not provide for the release of the retention amount or security at the end of an identifiable period. - (i) a retention amount may be withheld; or - (ii) a security may be held after practical completion in relation to the need to correct defects in the building work under the contract; and