sec.70ASpeculative residential construction work

### sec.70A Speculative residential construction work This section applies if— a licensed contractor is carrying out residential construction work that is speculative residential construction work; and the residential construction work is to be varied after the licensed contractor paid the insurance premium for the work under section 68B (3) ; and the commission is satisfied that the value of the residential construction work will change because of the variation. If the value of the residential construction work will increase by $5,000 or more because of the variation, the licensed contractor must pay the additional insurance premium for the work to the commission before any work relating to the variation starts. Maximum penalty—100 penalty units. If the value of the residential construction work will decrease because of the variation, the commission may refund part of the insurance premium paid for the work to the person who paid the premium. s 70A ins 2007 No. 47 s 49 sub 2014 No. 57 s 36 (sec.70A-ssec.1) This section applies if— a licensed contractor is carrying out residential construction work that is speculative residential construction work; and the residential construction work is to be varied after the licensed contractor paid the insurance premium for the work under section 68B (3) ; and the commission is satisfied that the value of the residential construction work will change because of the variation. (sec.70A-ssec.2) If the value of the residential construction work will increase by $5,000 or more because of the variation, the licensed contractor must pay the additional insurance premium for the work to the commission before any work relating to the variation starts. Maximum penalty—100 penalty units. (sec.70A-ssec.3) If the value of the residential construction work will decrease because of the variation, the commission may refund part of the insurance premium paid for the work to the person who paid the premium. - (a) a licensed contractor is carrying out residential construction work that is speculative residential construction work; and - (b) the residential construction work is to be varied after the licensed contractor paid the insurance premium for the work under section 68B (3) ; and - (c) the commission is satisfied that the value of the residential construction work will change because of the variation.