Adjustment of amount paid after completion of construction work
22 Adjustment of amount paid after completion of construction work
Where on the completion of construction work the Board is satisfied that the value of construction work varies by $25 000 or more (after adjustment has been made for inflation in the prescribed manner) from the value of that work as estimated for the purposes of section 21(1)(a) or (b) —
the Board shall refund from the Fund to the project owner an amount equal to the extra amount paid, where the value of the construction work was over estimated; and
the project owner shall pay to the Board or to a collection agency an amount equal to the extra amount that would have been payable if the estimated value of the construction work had been the actual value of that work, where the value of the construction work was under estimated.
[Section 22 amended: No. 6 of 1998 s. 10(3).]
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