Questions for cash

Article Abstract:

UK construction minister Robert Jones has welcomed moves by the British Constructional Steelwork Association to eliminate the use of cash retentions. He feels that the association has recognised that clients can be protected through other means and that insurance bonds are more suitable for contracts worth more than 500,000 pounds sterling. It is now becoming recognised that retention bonds could be a viable alternative to cash retentions. However, specialist contractors should still be cautious about such bonds, especially if they are asked for both a performance bond and a retention bond.

Column

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Payments at fair stages

Article Abstract:

The 'Constructing the Team' report from Sir Michael Latham recommends that the traditional system of monthly measurement or remeasurement should be abolished, as it leads to high overhead costs and allows for no way of dealing with valuation disputes. New approaches to payment methods must therefore be considered. It would be better for cash requirements to be negotiated with the client at the tender stage, and it is important for firm payment dates to be set.

Management

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Don't hold back

Article Abstract:

Issues concerning activities aimed at abolishing retention systems are discussed. It is emphasized that retention is an unfair system and can lock up to twenty percent of a company's turnover. Governmental issues addressed by the abolition of retention are examined.

United States, Other Justice, Public Order, and Safety Activities, Business Law NEC, Political aspects, Commercial law, Retention of title

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