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Article 5 Finance agreements

Original text. Later amendments are not shown.

(1)

A construction contract is excluded from the operation of Part II if it is a finance agreement, within the meaning given below.

(2)

A contract is a finance agreement if it is any one of the following:–

(a)

any contract of insurance;

(b)

any contract under which the principal obligations include the formation or dissolution of a company, unincorporated association or partnership;

(c)

any contract under which the principal obligations include the creation or transfer of securities or any right or interest in securities;

(d)

any contract under which the principal obligations include the lending of money;

(e)

any contract under which the principal obligations include an undertaking by a person to be responsible as surety for the debt or default of another person, including a fidelity bond, advance payment bond, retention bond or performance bond.