55AACancellation of building bond

55AA Cancellation of building bond

55AA Cancellation of building bond

For the Act, section 210A(c), the Secretary may provide to a developer any release necessary to enable a building bond for building work provided by the developer to be cancelled if—

(a) a final report on the building work—

(i) does not identify any defective building work, or

(ii) only identifies defective building work for which a building bond cannot be claimed or realised by the Secretary for payment under the Act, section 209, and

(b) the Secretary thinks it appropriate in the circumstances of the case to enable the building bond to be cancelled.

cl 55AA: Ins 2024 (9), Sch 1[3].