33Right of owner to withdraw from contract in cooling-off period

33 Right of owner to withdraw from contract in cooling-off period

(1)  In this section –

receipt day, for a residential building work contract, means –

(a) the day on which the owner receives the following documents from the building contractor:

(i) a copy of the signed contract;

(ii) a copy of the residential building consumer guide that is in effect under section 81(3) ; or

(b) if the documents mentioned in paragraph (a) are received by the owner from the building contractor on different days – the later of the days.

(2)  The owner under a residential building work contract may withdraw from the contract under this section.

(3)  The owner may withdraw from the contract within 5 business days after the receipt day for the contract.

(4)  If 5 business days have elapsed since the contract was entered into and there is no receipt day for the contract, the owner may withdraw from the contract.

(5)  Nothing in subsection (4) affects the right of the owner to withdraw from the contract under subsection (3) if a receipt day subsequently applies to the contract.