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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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PFI and Construction Contracts

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ISBN13: 9781902375335
ISBN: 1902375335
Published: June 2002
Publisher: Chandos Publishing
Country of Publication: UK
Format: Paperback
Price: £59.95

Despatched in 11 to 13 days.

This book examines contracts in the construction industry in relation to the Private Finance Initiative (PFI), such as what distinguishes construction in a PFI environment from a traditional contract. The author analyses the key elements of the construction sub-contract and interface between contractor and operator.

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Construction issues on PFI projects: output specification, project company's solution, design and construction standards, warranties, government regulations, timescales, lifecycle costs, interface between construction/operational phase, design development, performance payment system.
Flow down of risks to subcontracts: how risk is flowed down, termination risk, termination issues for the construction subcontractor, warranties, bonds and guarantees.
Use and adaptation of standard forms for the construction subcontract: a standard form (JCT 81 or 98), preparation of the contract where a standard form is being adapted, bespoke contracts.
Negotiating key elements of construction subcontract: scope of works, liability level, compensation events and relief events, extensions of time, liquidated damages, payments, variations, certification/completion, independent certifier.
Collateral agreements.
Interface between contractor/operator.
Finance/funding: debt finance, subordinated debt, equity, bond finance, key funding issues, the financial model, banks and risk.
Insurance: insurance and risk allocation, insurances required by the construction company, who effects these, levels and breadth of insurance, banks and insurance, authority issues, what the construction company must do.
Post contract-construction phase problems: variations during construction, disputes, DRP at subcontract level, overruns/extensions of time.
Future developments.
Appendices: Treasury Taskforce Guidance.wordings. Sample risk matrix.