2000 bug contracts shock

Article Abstract:

UK contractors are being asked to sign warranties which make them legally responsible for ensuring any computer systems they install are compliant with the year 2000 bug. Contractors have been advised not to sign such contracts which could leave them facing huge financial losses, according the Construction Federation. The British Standards Institute has advised firms how to draw up contracts which transfer total liability to contractors including loss of life which could result from computer systems failing when the date changes to the year 2000.

Year 2000 transition (Computers)

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Form favourite

Article Abstract:

An analysis of the types of contracts used in 1995 in the construction industry shows that design and build is losing popularity, accounting for 30.1% value share of all building orders, down 5.6% from 1993. Davis Langdon and Everest's analysis also shows that lump-sum contracts accounted for 43.7% by value, up 2.1% from previously, while JCT standard form contracts accounted for 85% of all contracts by number.

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Satisfaction guarantees

Article Abstract:

Advice on the use of performance bonds in the UK construction industry is presented. New performance bonds which can cover between 50%-100% of the contract price have been introduced.

United Kingdom, Performance contracts

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