Dispute Resolution

Adjudication

A process in which a neutral third party, often an expert, makes a decision on a specific issue within a dispute.

Arbitration

A method of dispute resolution where a neutral third party, the arbitrator, makes a binding decision after hearing arguments and evidence from both parties.

Back Charge

A charge made by one party against another to recover costs incurred due to the other party’s actions or omissions.

Building Bond

When a developer applies for an occupation certificate for a new strata building or a substantial renovation, they are required to lodge a building bond with the NSW Fair Trading. The bond is typically set at 2% of the contract price for the building work. This bond is held in trust to cover the cost …

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Building Bond Claim

If the developer fails to rectify the defects within the specified timeframe, the owners’ corporation can make a claim on the building bond to cover the cost of rectification. The bond is released to the owners’ corporation to fund the repairs.

Building Inspector

A qualified professional responsible for conducting defect inspections on behalf of the owners’ corporation to identify any construction issues.

Change Order

A written agreement that modifies the scope, price, or schedule of a construction contract.

Claim

A formal assertion of a right, demand, or entitlement by one party against another in a construction project.

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