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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, Jan 31 2019 07:05AM
Broadly speaking, labour productivity refers to the measurement or unit of work that is completed over a defined period of time.
Estimates, or tenders, are generally based upon certain assumptions regarding labour costs and labour productivity. Loss, in terms of labour productivity, happens when it takes more hours to complete a given unit of work than it would have without an intervening cause. It is important to be aware of some of the factors affecting labour productivity losses on a construction project for record purposes...
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, Jul 31 2018 11:41AM
The term ‘compensation event’ under the NEC form of contract refers to a situation where either the scope of the contract or other event requires the contractor to undertake additional work that they were not originally contracted to provide.
Of course, not all events are compensation events. Without exception, compensation events are those which are not the fault of the Contractor, but that does not necessarily mean they are the fault of anyone else; they could be fault neutral such as weather conditions or site conditions. In those cases, compensation events are used to allocate risk between the Parties.
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.
Builders' Volume by VOLOCO newsletter articles...