Get your hands on the new Commercial Building Contract
Published: 24 April 2017
Master Builders has recently released a new Commercial Building Contract (CBC), which supersedes the LSC2 and incorporates the latest industry and legislative changes.
The new-look contract is now easier to understand with the obligations on both parties set out using simpler language and a clearer format. It also aligns with the layout of the current Residential Building Contract, so you can access a standardised suite of useful resources for fortifying your business against risk and liability.
Some important changes include:
- ‘Owner’ is now referred to as ‘principal’
- Contract price is GST exclusive
- Options now included for a principal’s agent and delay costs
- No date for commencement, only a date for practical completion
- Deposit is now an option
- One margin applies to all circumstances, for example variations, EOTs, PC or PS items
- Contractor may at any time elect to replace bank guarantees with cash retention
- Updated insurance obligations
- Changes to timeframes for EOT claims and notice requirements for practical completion
- Site possession is now handed over on practical completion
- Liquidated damages can be limited
- Clearer reference dates, including on termination of contract
- Variations must be agreed in writing before work is undertaken
- Email communication is now acceptable
- Includes a limitation on liability
- Unfixed and demolished materials are now the property of the contractor unless noted otherwise.
How to purchase
The new CBC is also available electronically in the eDocs system for 6 credits.
Got a questions about the new CBC? Contact Master Builders Contracts team on (07) 3225 6426 or firstname.lastname@example.org