Unlock practical insights into the complexities of construction procurement. Navigate the intricacies of contract formation, tendering processes, and regulatory compliance. Enhance your understanding of best practices and legal obligations to ensure smooth project delivery. Stay ahead with expert guidance tailored for professionals in the construction sector.
What are preliminaries in a construction contract?What are prelims?‘Preliminaries’ in a construction contract, or ‘prelims’, is typically taken to...
What is a variation on a construction project?A variation (sometimes referred to as a change) is an alteration to the scope of work originally...
Time of the essence—construction contractsWhat does time of the essence mean?Where time is 'of the essence' it means that the stated time for...
Product liability insurance for the construction industryThis Practice Note looks at product liability insurance from the perspective of those engaged...
Target cost contracts on construction projectsWhat is a target cost contract?A target cost contract is a type of cost reimbursable contract under which the contractor is paid the ‘actual cost’ (usually defined in the particular contract) it incurs in carrying out the works, but subject to a target
Prime cost and cost reimbursable construction contractsWhat is a prime cost contract?In simple terms, if a contract is agreed on a ‘prime cost’ basis the contractor will be reimbursed the costs it incurs in carrying out the works, ie labour and materials (including those from sub-contractors), plus
What is a 'Golden Brick' agreement?A ‘Golden Brick’ scheme or arrangement is a method of structuring the acquisition of land (with no buildings on it) for residential property development that mitigates VAT exposure for both the vendor and the purchaser. A ‘Golden Brick’ agreement will set out the
Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid
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