For the purposes of the definition of in section 189 of the Act, the contract price for building work is the total price paid under all the applicable contracts for the building work as at the date of issue of the occupation certificate.
Under section 211 (3) of the Act, the Tribunal may make an order determining the contract price of building work for the purposes of determining the amount of a building bond.
However, the contract price for building work is to be the price set out in a cost report prepared by a quantity surveyor who is a member of the Australian Institute of Quantity Surveyors or the Royal Institute of Chartered Surveyors, and is not connected to the developer or the builder, if—
there is no written contract for the building work, or
the parties to the building contract are connected persons.
A cost report prepared by a quantity surveyor for the purposes of this clause must include the costs of the following and be accompanied by a certificate by the quantity surveyor that he or she has inspected the as-built drawings and specifications for the strata plan to which the report relates—
construction and fit out costs, not including appliance and PC items,
demolition and site preparation,
costs for the common property that is included in the property plan, including landscaping, pools, fencing and gates,
taxes applied in the calculation of the as-built construction.