Going to penalties
Article Abstract:
Some observers have suggested the introduction of the Late Payment of Commercial Debts (Interest) Act 1998 will not help small businesses recover their debts any quicker as companies will merely increase credit periods. The act has been agreed and will become law from Nov. 1, 1998, when small businesses will be able to start claiming interest payments from public sector companies and large enterprises. It will apply to other businesses from 2000. The act covers qualifying debts and contracts for merchandise and services. The government has yet to agree on a rate but it may be around 8%.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1998
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Privity of contract
Article Abstract:
The privity rule is being challenged in a report prepared by the Law Commission in the United Kingdom during 1996. The privity rule restricts the obligations and rights included in a contract only to the parties in the contract. This has had implications in the construction industry when a party to the contract did not suffer a loss whilst a third interested party had large losses. Removing the rule will allow contractural rights to be conferred on all parties involved in a construction contract and may force employers to pay subcontractors directly.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1997
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Law inaction
Article Abstract:
The threat of increased litigation costs is expected to help reduce the growing number of claims brought to court due to delay and disruption in the construction industry. Adjudication processes are to be speeded up in an attempt to help reduce the backlog of cases, while ensuring new cases will be dealt with more swiftly. Architects will no longer be able to delay action when dealing with claims, as costs may be taken against them.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1999
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