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To enhance consumer trust in building projects in New South Wales (NSW), the government has recently implemented significant regulatory and legislative changes in the construction industry. These changes introduce higher risks and costs for builders and developers involved in building work in NSW. This article focuses on one of these changes, namely the new decennial liability insurance, and discusses the associated risks for builders and developers. With rising interest rates and a worsening housing crisis, apartments are increasingly becoming the preferred choice for consumers. However, buyers of apartments in these buildings often face substantial strata or special levies related to defect rectification. This is especially problematic when the original builder or developer is no longer available or unwilling to undertake the necessary rectification work. To instill confidence in class 2 buildings, the NSW Government appointed a panel in 2021 to advise on the implementation of a decennial liability insurance scheme that addresses these defect rectification costs. bartier perry parramatta chambers bartier perry youtube bartier perry contact bartier perry best lawyers Based on the panel’s findings, the Building and Other Fair Trading Legislation Amendment Bill 2022 (NSW) (Bill) was introduced. The Bill proposes the addition of a new section 211AA to the Strata Schemes Management Act 2015 (NSW) (SSMA). The new section 211AA establishes a decennial liability insurance scheme to be obtained by the developer of the strata scheme, for the benefit of the owner’s corporation. What is the decennial liability insurance scheme? Decennial liability insurance (DLI) is an insurance product that provides building owners with protection against specific types of defects for a period of 10 years. DLI serves as an alternative to the standard building bond required by the Secretary of a strata scheme under the SSMA. It safeguards owners from delays and costs associated with defect rectification in their respective class 2 buildings. The DLI is obtained by the developer or builder of the class 2 building, and if the builder fails or refuses to rectify the defects, owners can file a claim with the insurer as the primary insurance option. The insurance policy is procured by the developer or builder of the strata scheme, for the benefit of the subsequent owners’ corporation. It replaces the strata building bond, which typically requires the developer to lodge a bond equivalent to 2% of the contract price to cover rectification costs. Which defects are covered by the policy? According to the new section 211AA of the SSMA, DLI is intended to protect against “serious defects in the building elements of the common property.” The term “serious defects” encompasses noncompliance with the Building Code of Australia resulting from defective design, workmanship, or materials, particularly if it affects critical building elements such as structural components. Considering the numerous high-profile defect-related legal actions both in Australia and internationally in recent years, DLI is becoming an increasingly appealing alternative to the currently mandated strata building bond lodged with NSW Fair Trading. However, it’s important to note that each decennial liability insurance product may offer… Continue reading Bartier Perry Lawyers Liability Insurance

Getting to Grips with Xennox Diamonds With an astounding range of hand-made jewellery, a stunning array of loose diamonds to choose from and world-class customer service skills; Xennox Diamonds engagement rings have been trusted and used by countless customers over the years. Unlike so many of their competitors, Xennox strive to prioritise quality, affordability and performance in equal measure. It would be safe to assume that the brand are most well-known for the quality of their engagement rings, with each one being crafted and inspected by an expert with a high level of expertise. But these rings are just the tip of the iceberg as far as their products are concerned, so what else should you know about this Australian online jewellery provider? Their background Conceptualised in 1976, Xennox rapidly went on to become one of the leading jewellery suppliers on the continent. Their team are as skilled in the art of manufacture as they are with appraisals – and as each item of jewellery that they offer is subjected to the same level of exquisite craftsmanship, they offer a consistent level of quality that their competitors simply can’t keep up with. Their fans often visit the Xennox Diamonds Showroom to witness the display in all its splendour, and the brand have been featured in more magazines, physical publications and online than you can shake a stick at. But at the heart of their genetic makeup are their services; a variety of features that utilise traditional techniques in much the same way as their early founders would have done. What do they offer? Featuring high-end designers such as Simon G, not to mention being able to trace their heritage back to the well-known Schwantes family of jewellery designers themselves; it should come as no surprise to learn that they offer some of the finest quality jewellery imaginable. Their engagement rings have been purchased by celebrities from around the globe, as have their wedding rings and other fine jewellery that they specialise in creating. One of the most unique aspects of the brand is the fact that they also offer loose diamonds – of which can be purchased from a few thousand dollars, up to 5 figures. These diamonds were sourced, handled and prepared ready for polishing, before becoming available to purchase via their website. And although they specialise in providing their ordering services online, they also have physical outlets whereby customers can request further information, seek advice, or learn more about how their particular ring will be made. With decades of experience in the field, a multitude of skills brought to the table and a willingness to help that few jewellers possess; Xennox have become a firm favourite amongst their Australian customers. They can gladly provide their services to international customers as well – and if you’re keen to see what they have on offer, simply visit their website today.

Different Levels of Fire Resistance Whether you run a successful manufacturing factory, or if you’re just starting out in your industry, one of your priorities should be to protect your machinery from fire damage. Fire protection equipment for factories can be the difference between avoiding severe damage to your machinery, or losing out and being lumped with a huge bill for repairs. So what do you need to know about the different types of fire protection equipment? Well the first thing to bear in mind is that fire resistant products have 3 categories. These categories are known as Class 100, Class 150 and Class 350, but further categories exist in between. The numbers ‘100, 150 and 350’ refer to the level of heat that the object can repel. This method of rating refers to the level of fire resistance a particular product has, so let’s get to know what each class means and what they are capable of when it comes to protecting from fire damage. First up we have Class 100. This rating applies to standard pieces of equipment such as building structures and data/ storage safes and implies that the materials that comprise the structure of the object can withstand temperatures of up to 125 degrees Fahrenheit, or 52 degrees Celsius internally, or 2000 degrees Fahrenheit/ 1090 degrees Celsius externally. Although these temperatures are extremely high, this is often necessary as data safes and storage facilities will contain a range of valuable information or equipment and will need to be able to repel heat for a certain amount of time. The next official class is 150 and can do all of the above, but instead of operating below 125 degrees Fahrenheit, this rating implies that the contents must be kept below 150 degrees Fahrenheit, or 65.5 degrees Celsius. The external resistance will remain the same as with other heat classes, meaning that the contents will remain below the class of temperature, while the external material of the container or material withstands temperatures reaching 2000 degrees Fahrenheit/ 1090 degrees Celsius. The final class is the most extensive of the 3 and can withstand internal temperatures of 350 degrees Celsius. This temperature is incredibly hot and is more than capable of melting certain types of metals. This class is most often used to protect paper documents which are most prone to catching fire. As you’ll notice, the higher the temperature class, the weaker the contents contained within, or in this case; the more prone to fire damage. If you’re keen to protect your factory equipment, then it’s important to house your machinery within materials in the above classes. For machinery and electrical components, Class 150 should suffice, whereas paperwork and documentation will require a much higher level of protection and so Class 350 protective gear is recommended.

   | Tuesday 10 August 2010   This Little Light of Mine…Lasts 25 Years! Remember earlier this year when you had to climb up a ladder, and screw in all those light bulbs one by one? It’s kind of tedious and a bit annoying knowing that you will need to do this again as each light bulb, inevitably, burns out. Now, imagine if you never had to go up there and do that again. No more changing the light bulbs every 3 months or having part of your hallway lit for a week because you just do not feel like going to the store and buying one light bulb that you know will need to be replaced again before the year is over. With the Light-emitting diodes (LED) bulbs, not only do you save massive amounts of energy, but it is also the “set it and forget it” of household lighting. An LED bulb can replace any of your typical light bulbs in your home or office. For example, your typical 60 watt light bulb would be replaced with an LED bulb that uses only 6 watts of energy. It will fit in all of your standard household lighting fixtures and is constructed out of recycled materials. If you feel like setting the mood, many LED lights are also dimmable. Compact Fluorescent light bulbs (CFLs) are on the market as an energy efficient alternative and were the most common method of replacement. However, CFLs do have their downside. The type of light produced from a CFL bulb can cause some individuals to feel queasy if around them for an extended period of time and they have low durability. Also, CFLs have enough mercury in them to contaminate 6000 gallons of fresh water if they are broken. On the other hand, LED light bulbs are free from ultraviolet, mercury, and lead contaminants. With typical household usage, an LED bulb lasts 25 years! Which means once you put one of these lights in, the bulb will most likely never have to be changed again. Quick LED Fact – If every American household switched just one 60W light bulb to a 6W LED light, $1.4 Billion in electricity costs would be saved annually. This Blog was contributed by one of our users at GenGreenLife.com

  | Monday 9 August 2010   To Roth or not to Roth – Many people are familiar with a Roth IRA. Put money away, after taxes are paid on those earnings, let the money grow tax differed in the IRA, then take tax-free distributions of the earnings. Not a bad deal, lets go through it again. Earn $40,000. Pay taxes on all $40,000. Put $5000 into Roth IRA, after tax. $5000 grows to $75,000 over your lifetime. Take original $5000 out of taxes were paid when that money was earned. Take $70,000 tax-free. Nothing due on earnings. In a regular IRA you put $5000, before taxes, from earnings into same investments in IRA, grows to same $75,000 over time. Then pay taxes on all $75,000 when taking it out of IRA. Pay taxes now on $5,000 and nothing later, $70,000 distribution tax-free. Or, Pay no taxes now on $5000 and pay taxes on full $75,000 taxable distribution. Seems fairly straight forward, especially if you think taxes will be the same or possibly higher when you retire. Here is where it gets interesting. A Roth IRA has earnings limitations. If you earn over $120,000 as a single person, or over $177,000 as a married person, you can not make a Roth contribution. Tough luck. But wait.. Making an employee contribution into a Roth bucket in your 401(k) has no earnings limitation. You can put full employee contribution into the Roth bucket not just $5,000. If you earn $200,000, are over age 50, you can put $22,000 into the Roth 401(k) at work. In 25 years that $22,000, earning 6% grows to $94421.16. The $22,000 had taxes paid when earned, but the growth $72,421.16 is never subject to taxes. I’d call that the best kept secret out there. This is an example and anyone interested in further information should contact a registered financial advisor, or ask about a Social(k) 401(k) / 403(b) at work. This Blog was written by our partners at Social K a GenGreen Certified Business