A developer must give the Secretary a building bond, in terms acceptable to the Secretary, before an occupation certificate application for building work within Part 11's scope; the amount secured is 2% of the contract price for that building work (or the applicable part of it) (s 207(1), (2), (4)); failure to comply carries a maximum penalty of 10,000 penalty units plus 200 penalty units per day of a continuing offence (s 207(5)). Knowingly giving false or misleading information about the contract price or bond amount is a separate offence (s 207A). The bond may be a bank guarantee, an approved insurer's bond, or another prescribed security (s 208), and may be claimed to meet the cost of rectifying defects identified in the final report, or other listed purposes, subject to the conditions in s 209.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.