Two corrections – 30 September 2024
Practitioners should note two corrections have been made to:
- Contract for Houses and Residential Land (19th edition)
- Contract for Commercial Land and Buildings (10th edition)
Please ensure you have downloaded the word document with "Sept 2024" in the title. The edition numbers will not be changed due to the minor nature of the amendments.
The corrections are:
Contract for Houses and Residential Land (19th edition) | Updated clauses: |
Clause 1.1(aa) amended to add a hard return before the definition of “GST”, so that definition begins in its own clause (bb) – previous drafting below: (aa) “General Purpose Socket Outlet” means an electrical socket outlet as defined in the Electrical Safety Regulation 2013; “GST” means the goods and services tax under the GST Act; | (aa) “General Purpose Socket Outlet” means an electrical socket outlet as defined in the Electrical Safety Regulation 2013; (bb) “GST” means the goods and services tax under the GST Act; |
Contract for Commercial Land and Buildings (10th edition) | Updated clause: |
Clause 1.1 – Definition of (v) Essential Term, in the case of breach by the Seller - amended to correct cross reference to be to clause 5.3(1)(a)-(g). The previous drafting was to clause 5.3(1)(a)-(f). | (v) “Essential Term” includes, in the case of breach by: (i) the Buyer: clauses 2.1, 2.4(1), 2.4(5), 5.1 and 6.1; and (ii) the Seller: clauses 2.4(5), 5.1, 5.3(1)(a)- |
If your client has entered into a contract using the Contract for Commercial Land and Buildings (10th edition) between 30 January 2023 and 29 September 2024, sourced from the QLS site, then consider advising your client about the effect of the definition of an Essential Term referencing 5.3(1)((a) to (f) and not (g).
This issue will not arise if your client has a contract obtained through the REIQ. If your client is entering into a new contract, ensure you update any previously downloaded versions with a current one from the QLS site dated September 2024.