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The Domestic Building Contract regulations have been updated.
What does this mean?
• The minimum value of a domestic cost-plus contract will increase from $500,000 to $1,000,000 on 1 August 2017
• The value of the threshold amount for a major domestic building contract will increase from $5000 to $10,000 on 1 August 2017
Some other amendments that have already taken place include:
• Providing a limited exemption from the operation of section 31(1) of the Domestic Building Contracts Act for domestic building contracts for the preparation of plans and specifications — commenced 22 April 2017
• Setting the fee for a request to Domestic Building Dispute Resolution Victoria for an assessor under section 48C(3) of the Domestic Building Contracts Act — commenced 26 April 2017
• Clarifying and updating the requirements and prescribed forms for variations to the progress payment schedule set out in section 40 of the Domestic Building Contracts Act (with a transitional provision allowing the forms prescribed under the Domestic Building Contracts Regulations 2007 to be used until 31 July 2017)
• Updating legislative amendments and improving drafting.
Master Builders will be providing amendments to use with its domestic building contracts before 1 August to ensure compliance with the above changes. The contracts that will be affected are: New Homes (HC6); Home Improvements (HIC5); Minor Works (MW1); and Cost Plus (CP1).
If you would like to find out more, contact the Master Builders Legal Department on (03) 9411 4555.
