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By VOLOCO LLP, Feb 28 2019 07:23AM
Letters of Intent (LOI’s) are widely used in the construction industry, but the legal status of a LOI is not always clear and often misunderstood. This article seeks to identify and briefly explain what the 3 types of LOI’s are, the risk and issues that can occur and how to address them. If you are intending to issue a LOI or might be asked to sign one, this is a good starting point to enhance your understanding and reduce the risks.
By VOLOCO LLP, Jul 31 2018 12:09PM
The Construction Industry is well known for poor payment practices, with the recent collapse of Carillion highlighting the issue further. Whether you are a subcontractor or a main contractor, you have probably experienced problems getting paid at some point. It is therefore important to properly understand the payment process and how you can improve your chances of getting paid.
The Housing Grants, Construction and Regeneration Act 1996 (“the HGCRA”) introduced statutory rights to payment in Construction Contracts to improve payment practices within the industry. Then the Local Democracy, Economic Development and Construction Act 2009 made further changes leading to the system in place now.
By VOLOCO LLP, Jul 31 2018 11:48AM
Insurance in building is not only prudent, but is also most likely a contract requirement and may be a legal requirement. Some deem it a “necessary evil” and others strongly believe in the protection of their business which it provides. Regardless, any builder without appropriate insurance risks the success of their business and potentially their personal assets.
This article sets out to explain the various types of insurances that you may require as a builder. It is important that you understand clearly any insurance you must have and any that would be advisable.
By VOLOCO LLP, Jun 30 2018 02:05PM
Every building contract you enter will outline who is responsible for design. It is critical that you have a clear understanding of who is responsible for what aspects of design and ensure this is managed effectively. Failure to understand, manage and mitigate this could have catastrophic consequences for you and your business.
There are many forms of building contract in existence, including standard forms, amended standard forms and bespoke contracts. Each of them should and most likely will make it very clear who is responsible for each design element. If it does not, do not proceed until this has been clarified within the contract documents and you have adjusted your tender accordingly.
By VOLOCO LLP, Jun 30 2018 01:59PM
Contract law can be very complicated, but at its heart it is very simple. A contract is simply an agreement between two or more parties, so why is it that the very idea can induce dread and confusion in so many people? Most people think of a contract as a large written document full of complicated legal terms, and yes, it can be, but it doesn’t have to be.
Let’s start by looking at the fundamental elements required to make a contract:
• An agreement (offer and acceptance);
• An intention to create legal relations;
• Consideration (the exchange).
This means that when you buy a coffee or a sandwich, a contract is made to exchange money for food or drink.
We are soon to be launching an innovative Contractor Support service aimed at providing advice and support to individuals and companies who may be experiencing challenges or with growth and improvement ambitions.
VOLOCO LLP are developing an online portal providing access to a range of procedures, guidance and forms, learning tools, access to remote online and telephone support and face-to-face consultant time with one of our team.
If this is something that you feel would benefit you or your business and want to find out more, please get in touch by email or telephone.
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