The AS4000 form of contract for construct-only delivery is one of the most widely used in the Australian construction industry. As it is now 27 years old, though, it doesn't even have a GST clause in it; let alone, provisions dealing with dispute avoidance, security of payment, collaborative contracting, or a raft of other developments which are now part of the contracting landscape. In this podcast, Co-Director of Studies for Construction Law Matthew Bell sits down with Owen Hayford (MLS Senior Fellow and principal of Sydney-based firm Infralegal). Owen was on the drafting committee for a new version of AS4000 which was released for comment in early 2024. Owen tells us about the process which has led to that draft, including the decision not to make any substantial changes to the risk allocation in the 1997 form, and why that risks being a missed opportunity for meaningful reform. He notes, though, some worthwhile changes, including an option for a dispute avoidance board, and encourages industry participants to push the publishers to be more ambitious and innovative in finalising the draft.