HIA Contract for Residential Building: A Home Owner’s Guide
By Contracts Specialist|July 13, 2022
When you receive your HIA contract from the builder, it is an exciting time. The first thing to do before signing off on any agreement with them would be to conduct a review of their quality and cost risks so that there are no surprises later down the road for either party involved in this process.
HIA Contract for New Dwellings
The Housing Industry Association of New South Wales (HIA) has issued many residential building contracts that favor builders.
You as a homeowner should review the terms of your contract and be mindful about what is in it.
The contract terms represent the written agreement of each party. They are organized into different sections called clauses, which define their respective obligations and rights in that specific area.
What to Focus On
The NSW building contract is a lengthy document. This can be daunting for first time homeowners who aren’t used to reading legalese.
By following this guide, you will be able to easily identify which parts of the contract will affect your risks to:
List of Important Terms/Clauses
Here are some of the most important clauses in your HIA fixed price building contract.
1. Building Period
2. Liquidated Damages
3. Progress Payments
4. Essential Matters
5. Commencement Date
6. Variations
7. Delays and Extensions of Time
8. Termination
9. Dispute Resolution
10. Security of Payment
How We Can Help
Building your dream home is an exciting and rewarding experience, but it’s important to ensure that you have a legally sound HIA contract in place to protect your interests. An experienced construction contract lawyer can help you understand your rights and obligations under the contract, identify potential issues, negotiate favourable terms with the builder, and navigate any disputes that may arise during the construction process. If you require an HIA contract review, we can help you ensure that the contract accurately reflects your expectations and requirements and complies with all relevant laws and regulations.
Contact us today to schedule a consultation and take the first step towards securing your dream home.
HIA Contract for New Dwellings
The Housing Industry Association of New South Wales (HIA) has issued many residential building contracts that favor builders.
You as a homeowner should review the terms of your contract and be mindful about what is in it.
The contract terms represent the written agreement of each party. They are organized into different sections called clauses, which define their respective obligations and rights in that specific area.
- rights
- obligations
- liabilities in case of breach
What to Focus On
The NSW building contract is a lengthy document. This can be daunting for first time homeowners who aren’t used to reading legalese.
By following this guide, you will be able to easily identify which parts of the contract will affect your risks to:
- Cost
- Time
- Quality
List of Important Terms/Clauses
Here are some of the most important clauses in your HIA fixed price building contract.
1. Building Period
2. Liquidated Damages
3. Progress Payments
4. Essential Matters
5. Commencement Date
6. Variations
7. Delays and Extensions of Time
8. Termination
9. Dispute Resolution
10. Security of Payment
How We Can Help
Building your dream home is an exciting and rewarding experience, but it’s important to ensure that you have a legally sound HIA contract in place to protect your interests. An experienced construction contract lawyer can help you understand your rights and obligations under the contract, identify potential issues, negotiate favourable terms with the builder, and navigate any disputes that may arise during the construction process. If you require an HIA contract review, we can help you ensure that the contract accurately reflects your expectations and requirements and complies with all relevant laws and regulations.
Contact us today to schedule a consultation and take the first step towards securing your dream home.
