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Vol 23 No 3 March/April 2018

Book of the Month

Cover of Scamell and Gasztowicz on Land Covenants

Scamell and Gasztowicz on Land Covenants

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Financial Protection in the UK Building Industry: Bonds, Retentions and Guarantees

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Will Hughes, Patricia Hillebrandt, John Murdochall of the University of Reading

ISBN13: 9780419242901
ISBN: 0419242902
Published: October 1998
Publisher: Taylor & Francis
Country of Publication: UK
Format: Hardback
Price: £98.99

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Financial Protection in the UK Building Industry provides comprehensive treatment of a complex aspect of construction management which is increasingly important in modern construction contracts. The term 'Financial Protection' refers to the various mechanisms by which funds are made available to ensure the due performance of a party's contractual obligations. This book is based on material written for a research project funded by the Reading Construction Forum. Financial Protection in the UK Building Industry looks at the legal and economic background to the problem of providing financial protection to clients to guard against poor performance and/or the insolvency of contractors, consultants and sub-contractors. The inclusion of practical guidance notes and summaries makes this essential reading for professionals and researchers. * provides in-depth analysis of financial protection measures * explores the ways in which financial protection can increase efficiency in the industry * financial protection in construction is beset with problems - this book points toward practical solutions

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Construction Law
Executive summary. Acknowledgements. Glossary. Abbreviations and acronyms. Introduction. Scope of the report. Research method. Outline of the report. Guidance for industry. Background and context of financial protection. The business environment. Relative contractual power. The need for financial protection. Insolvencies. Protection for performance obligations. Retention funds and retention bonds. Performance bonds. Demand bonds. Parent company guarantees. Professional indemnity insurance. Collateral warranties. Inherent defects insurance. Insurance of the contract works. Overview of performance protection. Protection for payment obligations. Advance payment and trust accounts. Payment bonds and guarantees. Credit insurance. Overview of payment protection. Conclusions. Appendix A. Appendix B. Appendix C. Appendix D. Appendix E. Appendix F. Appendix G. Appendix H. Appendix I. References. Table of Cases. Name Index. Subject Index.