sec.67NBFailure to pay retention amount or other security

### sec.67NB Failure to pay retention amount or other security This section applies if a retention amount or other security is withheld under a building contract. The contracting party must, unless the party has a reasonable excuse, release the retention amount or other security to the contracted party in accordance with the building contract, including, for example, releasing the retention amount or other security on or before the day the amount is due to be paid under the contract. Maximum penalty—200 penalty units or 1 year’s imprisonment. Subsection (2) does not apply to that part of a retention amount or other security that is— paid into court to satisfy a notice of claim under the Building Industry Fairness (Security of Payment) Act 2017 ; or the subject of a dispute between the parties to the building contract unless, as an outcome of the dispute, the amount is to be paid to the contracted party. s 67NB ins 2017 No. 43 s 278 amd 2020 No. 24 s 130 (sec.67NB-ssec.1) This section applies if a retention amount or other security is withheld under a building contract. (sec.67NB-ssec.2) The contracting party must, unless the party has a reasonable excuse, release the retention amount or other security to the contracted party in accordance with the building contract, including, for example, releasing the retention amount or other security on or before the day the amount is due to be paid under the contract. Maximum penalty—200 penalty units or 1 year’s imprisonment. (sec.67NB-ssec.3) Subsection (2) does not apply to that part of a retention amount or other security that is— paid into court to satisfy a notice of claim under the Building Industry Fairness (Security of Payment) Act 2017 ; or the subject of a dispute between the parties to the building contract unless, as an outcome of the dispute, the amount is to be paid to the contracted party. - (a) paid into court to satisfy a notice of claim under the Building Industry Fairness (Security of Payment) Act 2017 ; or - (b) the subject of a dispute between the parties to the building contract unless, as an outcome of the dispute, the amount is to be paid to the contracted party.