Cover yourself in glory
Article Abstract:
Those involved in negotiating design and build contracts should be aware that professional indemnity insurance, although it offers some security, is restricted to the amount of cover and does not include faulty work or materials. Liabilities of this kind are not usually covered by any insurance. Insurers place restrictions on the terms contained in contracts entered into by contractors which could invalidate the cover if they are not complied with. Negotiating terms relating to professional indemnity insurance may, in the contractual sense, be a waste of time, as insurers will only meet a claim if the policy is in place at the time the claim is made.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Is the contract guaranteed?
Article Abstract:
UK contractors are finding that their clients are increasingly seeking ways of ensuring the performance of building contracts. The most common ways of doing this are to obtain a parent company guarantee or a performance bond. However, neither of these offers a complete guarantee that the contract will be completed to the client's satisfaction. It is important that the client is aware of the wider principles which apply to guarantees, as these can have an impact on the guarantor's liabilities.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Stretching design and build
Article Abstract:
Design-and-build contracts are increasingly being used in the construction industry, but standard design-and-build forms may not fully cover all obligations arising from different conditions and too much reliance may be placed on Employer's Requirements/Contractor's Proposals. Some of the problems associated with design-and-build contracts are presented.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Hypocrisy is in the eye of the beholder. USPS gets nothing from Senate tax bill. O' If it were only so
- Abstracts: Economic forecast. Warming signals
- Abstracts: Overheating market alarms industry. French giant eyes up PFI schemes. Tories ignore industry pleas
- Abstracts: Underground rules. Don't be too chicken about Kiev
- Abstracts: Setting a value on your MH community. Selling a manufactured home community. Community developers can bank on REITs