Queensland Building and Construction Commission Act 1991

Part 4A: Building contracts other than domestic building contracts – Queensland Building and Construction Commission Act 1991

Queensland Building and Construction Commission Act 1991 s67P: s 67P Pay interest on late progress payments

If a progress payment is not paid by the time it is due, the contracting party must also pay interest for each day it remains unpaid at the penalty rate: 10% a year plus the Reserve Bank's published 90-day bill rate, or a higher contract rate.

Maintained by Gerard Blokdyk

Other controls in Part 4A: Building contracts other than domestic building contracts – Queensland Building and Construction Commission Act 1991

s67G s 67G Put building contracts in writing with the formal requirements
s67GA-67GB ss 67GA and 67GB Include the mandatory conditions and exclude the prohibited conditions
s67I s 67I Confirm oral contract directions in writing within 3 business days
s67J s 67J Give written notice within 28 days before using security or retention
s67K-67N ss 67K to 67N Retention and security limits: 5% before and 2.5% after practical completion, 10% per payment
s67NA-67NB ss 67NA and 67NB Release retention and security at the end of the defects liability period
s67NC s 67NC Give the approved notice before the defects liability period ends
s67S-67T ss 67S and 67T Accept approved securities in place of cash retention (trade contracts and subcontracts)

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MCP endpoint All Queensland Building and Construction Commission Act 1991 controls