Q&A: Capital Works Fund Plan – How Many Quotes Are required?

pexels-photo A LookUpStrata reader wanted to know whether the Executive Committee was bound to solicit and present three competitive quotes for any substantial work requiring Capital Works Funding.

In summary, our response was that under the new strata legislation introduced on 30 November 2016 it appears that the need for three quotes is only a requirement for obtaining insurance quotations. When it comes to Capital Works, only a large scheme needs more that 1 quote (at least 2). Large Strata Schemes are schemes with more than 100 lots.

To read our detailed response, please follow this link to the original article.