V

A process that is undertaken to make sure a person is who they say they are. Must be carried out for all PEXA transactions (for example, online conveyances).

A direction or order which instructs the Contractor to carry out a Variation. It is usually issued by the Superintendent or Principal. The formal requirements for variation orders are generally specified in the Contract.

A written statement in the approved form provided by the registrar of the Personal Property Securities Register verifying the registration of a financing statement or financing change statement with respect to a security interest.

The liability of one person for the acts or omission of another because of the special legal relationship between them, e.g. principal and agent, employer and employee.

A factor which affects a party's assent to a contract, including duress, misrepresentation, mistake, undue influence and unconscionable conduct.

A document, decision or act is said to be void where it has no legal effect or cannot be relied upon or enforced, e.g. a Contract may be void for Uncertainty.

An act, document or decision is said to be voidable in circumstances where it can be set aside by a party, by a court or by law because of some form of legal defect. The act, document or decision is valid until set aside.

A change, addition, omission, inclusion, exclusion, modification, alteration, increase, decrease or deletion from the Works or the Work under the Contract. A variation is usually effected by a Variation Order from the Principal or the Superintendent.