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The short answer is that it varies depending on the value of the Contract Works with the cost starting at $100 (which may be shared between the parties) up to a maximum of $675 for projects over $1m.
In addition to the upfront registration fee and the administration fee which are payable by the parties, the Security Amount is payable by the Principal in order to initiate the scheme. This amount varies depending on the value of the Contract Works and is roughly equal to the deposit that would otherwise typically be required by the Contractor before commencing work. To calculate how much it would cost to use the Scheme for your next project, check out our calculator. |
