Licence security is intended to compensate a client who has suffered harm, as the result of faulty performance or non-performance of construction work, related to deposits made, non-completion of work, faulty work and construction defects discovered in the year following the end of the work.
Licence security does not cover:
Licence security offers you many benefits:
Licence security is compulsory for all contractors.
Licence security is not required for contractors who hold only subclasses of the general contractor’s licence for new residential buildings covered by a Guarantee Plan, classes I and II, since their contractual and legal obligations are already covered by a Guarantee Plan. If any other subclasses are included in a general contractor’s or specialized contractor’s licence, licence security is required.