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The new strata building bond and inspection scheme, which was due to start on 1 July, will now begin on 1 January 2018. 

This means that the scheme will only apply to construction contracts signed (or where there is no contract and building work commences) from 1 January 2018. Developers of new strata schemes will not be required to lodge defect bonds before 31 December 2017.

NSW Fair Trading said that the scheme has been delayed so that all procedural and professional requirements to support the scheme are in place.

This includes:

• the new standards and procedures relating to strata-specific building inspections
• new digital business processes to support bond lodgement and processing of the scheme.

For more information about how this will work, hear from strata lawyer Leisha de Aboitiz, here.