This episode is a re-run. It was originally published in September 2022.

Dive deep into the details and ensure you're 100% in the know before you sign your construction contracts! Tune in! 🔊

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Timestamps:

(2:12) - You're going to negotiate on terms and price. You can negotiate on your contract

(3:56) - Security more often than not is going to be a bank guarantee. Or it's going to be retention. And sometimes it can be an insurance bond as well

(5:38) - If you don't complete the works before that PC [Practical Completion] date, you're going to get hit with potentially liquidated damages

(7:09) - When your contract talks about security, does your security increase based on your contract value increase, or does it remain on the original contract value?

(8:49) - The contract starts on the date you sign it and it ends at the end of the defects liability period

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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