The following Construction practice note provides comprehensive and up to date legal information covering:
When a bank or other finance provider decides to provide funding for a construction or development project, it will often appoint a project monitor (or monitoring surveyor) to monitor the project on its behalf. The employees of the lender are unlikely to have either the time or the expertise to carry out this role and so the project monitor will act as 'the eyes and ears' of the lender. Project monitors tend to be either project managers or quantity surveyors as these two professionals will have good knowledge of both the contractual and construction processes. The project monitor should be involved by the lender at an early stage in the design and procurement process, and this involvement will continue through the construction process to practical completion and beyond. This Practice Note sets out the main duties and roles of the project monitor.
One of the first decisions which an employer makes at the beginning of a construction development is which procurement route to use. The nature of the project, the complexity of the design and the employer's attitude to risk are amongst the factors which are taken into account when making this decision. For more information on types of procurement see Practice Note: Choosing the right procurement method—construction projects.
A lender will always want to ensure that a borrower is using the most appropriate
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You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:•your organisation-wide risk assessment—see Practice Note:
What is quia timet relief?Injunctions are generally awarded where a party has already suffered a wrong. For guidance on injunctions generally, see Practice Note: Injunctions—guiding principles. However, an injunction may be sought before a party's rights have been infringed on the basis that they
The right to notice means a right for the employee to remain in employment for the period of notice, not simply to be paid for it. An employer will therefore often include in the contract an express right to make a payment in lieu of notice ('PILON') as an alternative to giving notice, to ensure
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
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