What are the mandatory requirements for a residential building contract?

For residential building work over 30,000 dollars, the Building Act 2004 requires a written contract that includes specified information, including the contract price and how it is to be paid, the builder's details, a description of the work, how variations are to be handled, and information about the builder's obligations, insurance and guarantees. The builder must also provide a disclosure statement including the licensed building practitioner details, any insurance and a checklist. The Act implies warranties in every residential building contract, including that the work will be done properly and in accordance with the plans, the materials are suitable and new, and the work will comply with the Building Code. A builder who does not provide the required information may be in breach. Have a lawyer review the contract and check that the builder is a licensed building practitioner.