Putting paid to the tykes
Article Abstract:
The UK's new Housing Grants, Construction and Regeneration Act, which is set to take effect in early 1997, is partly designed to eliminate the practice of late payment, which is extremely common in the construction industry. Under the new regulations, companies involved in a construction contract may not withhold payment of money which is due unless they have given effective notice of their intention to do so. The notice of withholding payment must not be given later than 'the prescribed period,' probably around 14 days, before the payment is due to be be made.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1996
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Trusting in the new NEC: the latest edition of the New Engineering Contract at last offers a method for protecting the myriad contributors to a building project from bad debts when a firm higher up the chain goes broke
Article Abstract:
The second edition of the New Engineering Contract, The Engineering and Construction Contract, incorporates a new trust fund scheme which will affect suppliers, subcontractors, contractors and employers. The NEC trust fund account system could help avoid bad debt by connecting law of trusts and law of contract to all those involved in a particular building contract.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1995
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A private finance function: to make the private finance initiative work needs big money and big thinking. And potential PFI operators should also expect a dispute with the government if anything goes wrong
Article Abstract:
The private finance initiative (PFI) involves the creation of a special purpose vehicle (SPC), a company established to design, build, finance and operate a public sector project. This company enters into a contract with the government department, and there are are collaterall agreements between bankers, contractors and operators
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1996
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