15 March 2022
Abandoned construction contracts: mitigating the risk and rescuing the project
The rate of insolvencies in the construction industry is disproportionate to its share of national output. The effect of COVID-19 on supply chains has only made the position worse.
So, there is a real prospect that the builder or a sub-contractor in any given construction project, big or small, will be forced to abandon the project due to insolvency. The consequences can be severe in both direct cost and time.
We will provide an overview of current statutory regimes pertinent to mitigating this risk, and practical measures a principal or purchaser can employ itself to the same end.