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STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 207
Bond to be given
207 Bond to be given
(1) The developer of a strata scheme must give the Secretary a security (a
"building bond" ), in terms acceptable to the Secretary, for building work to
which this Part applies before an application is made for an occupation
certificate under the Environmental Planning and Assessment Act 1979 for any
part of a building for which the building work was done.
(2) The amount
secured by a building bond is to be the prescribed percentage of the
contract price for the building work.
(3) The purpose of the building bond is
to secure funding for the payment (up to the amount secured by the bond) of
the costs of rectifying defective building work identified in a final report
under this Part.
(4) If the building work to which this Part applies
comprises only part of the building work to which a contract price applies,
the amount secured is to be the prescribed percentage of the part of the
contract price applicable to the building work to which this Part applies.
(5) A developer must not fail to comply with this section. : Maximum
penalty--10,000 penalty units and, in the case of a continuing offence, a
further 200 penalty units for each day the offence continues.
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