EMU, suit you?
Article Abstract:
European Monetary Union (EMU) is being phased in from 1 January 1998 with members of the European Union (EU) meeting set economic requirements. Phase B starts on 1 Jan 1999 when exchange rates are fixed and the Euro exists alongside other currencies. Phase C involves phasing out national currencies. One concern is that EMU may be used to opt out of contracts, using 'frustration' as a legal loophole. European Council regulations state clearly that legal contracts will not be affected in this way. Whether this applies when one side is not from an EU member state is open to question.
Publication Name: Electrical Contractor
Subject: Engineering and manufacturing industries
ISSN: 0308-7174
Year: 1998
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Balancing act
Article Abstract:
Payment due dates must be notified at least five days in advance, according to the UK Housing Grants, Construction and Regeneration Act 1996. All discounts and methods of payment calculations must be clearly shown on the payment demand. Contract obligations may be suspended if the payee does not receive payment during the time period stipulated in the contract. Adjudication rights will only be affected if both parties agree to certain issues being contracted out of jurisdiction before the contract is legally drawn up.
Publication Name: Electrical Contractor
Subject: Engineering and manufacturing industries
ISSN: 0308-7174
Year: 1998
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Class act
Article Abstract:
The UK Housing Grant, Construction and Regeneration Act 1996 allows for adjudication rights to be built into construction contracts in the case of adispute. The name of an adjudicator does not need to be included in the contract so as to avoid future bias. The Act also sets out the methods by which the adjudicator's decision will be enforced and how payments incurred by the contract will be collected and the appropriate time scale.
Publication Name: Electrical Contractor
Subject: Engineering and manufacturing industries
ISSN: 0308-7174
Year: 1998
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Comment about this article or add new information about this topic:
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