AS 4906:2002 pdf free.Minor works contract conditions (Principal administered).
2 Nature of Contract
2.1 Performance and payment
The Contractor shall carry out and complete WUC in accordance with the Contract and directions authorised by the Contract.
The Principal shall pay the Contractor:
(a) for work for which the Principal accepted a lump sum, the lump sum; and
(b) for work for which the Principal accepted rates, the sum of the products ascertained by multiplying the measured quantity of each section or item of work actually carried out under the Contract by the rate accepted by the Principal for the section or item,
adjusted by any additions or deductions made pursuant to the Contract.
2.2 Quantities
Quantities in a schedule of rates are estimated quantities only.
The Principal is not required to give a direction by reason of the actual quantity of an item required to perform the Contract being greater or less than the quantity shown in the schedule of rates.
If the schedule of rates omits an item which should have been included, the item shall be a deemed variation.
3 Security
3.1 Provision
Security shall be provided in accordance with Item 6. All delivered security, other than cash or retention moneys, shall be transferred in escrow.
3.2 Recourse
Security shall be subject to recourse by the Principal who remains unpaid after the time for payment where at least 5 days have elapsed since the Principal has notified the Contractor of intention to have recourse.
3.3 Reduction and release
Upon the issue of a certificate of practical completion, the Principal ‘s entitlement to security shall he reduced to 50 per cent thereof and the reduction shall be released and returned within 14 days to the Contractor.
The Principal shall release and return the balance of security then held to the Contractor within 14 days of the final certificate.
3.4 Trusts and interest
Except where held by a government department or agency or a municipal, public or statutory authority, any portion of security (and interest earned thereon) which is cash or retention moneys, shall be held in trust for the Contractor until the Principal or the Contractor is entitled to receive them. Interest earned on security not required to be held in trust shall belong to the party holding that security. AS 4906 pdf download.