Queensland Building and Construction Commission Act 1991 s67NA-67NB: ss 67NA and 67NB Release retention and security at the end of the defects liability period

Where a contract allows retention or post-completion security for defects but sets no identifiable release period, it must be released 12 months after practical completion (the statutory defects liability period). The contracting party must release retention and other security to the contracted party as the contract requires, including on or before the due date, unless it has a reasonable excuse; amounts paid into court under a notice of claim or in dispute (until resolved in the contracted party's favour) are excepted. Maximum penalty 200 penalty units or 1 year's imprisonment.