Master Build Guarantees
SJR Builders Ltd can assist you to apply to Master Build Services Limited for a Master Build Guarantee (as provided by Master Build Services Limited). If granted, a Master Build Guarantee will represent a three-way contract between you, SJR Builders Ltd and Master Build Services Limited. There are three types of guarantee that may be available to you:
Guarantees
- Premium Master Build Guarantee (Only available for works over $100,000)Cover for up to $500,000
Loss of deposit cover (up to 5% of contract price of $25,000, whichever is less)
Non-completion cover (up to 10% of contract price or $40,000, whichever is less)
Defects in materials and workmanship (2 years from practical completion)
Structural defects and rot and fungal decay cover (10 years from practical completion)
http://www.masterbuild.org.nz/our-products/10-year-premium-guarantee.aspx - Standard Master Build Guarantee Cover for up to $100,000
Loss of deposit cover (up to 5% of contract price or $15,000, whichever is less)
Non-completion cover (up to 10% of contract price or $30,000, whichever is less)
Defects in materials and workmanship (2 years from practical completion)
Structural defects cover (10 years from acceptance of guarantee)
NB: Option to opt out of loss of deposit and non-completion cover, which brings costs down to $900
http://www.masterbuild.org.nz/our-products/10-year-standard-guarantee.aspx - Kiwi Master Build Guarantee (Only available for works under $100,000)Cover for up to $100,000
Remedial works (for problem arising before practical completion), cover (up to 20% of contract price or $20,000, whichever is less)
Defects in materials and workmanship (2 years from practical completion)
Structural defects and rot and fungal decay cover (10 years from acceptance of guarantee).
http://www.masterbuild.org.nz/our-products/10-year-kiwi-guarantee.aspx
*Further information relating to the Guarantees may be discussed with SJR Builders Ltd or by contacting Master Build Services Limited (phone 0800 269 119).