Cashflow is King. Yet getting paid is a perennial problem across all projects, sectors and countries. But do you know how bad it really is? Global data According to the IACCM 2015 Report Payment Terms: Do Large Companies Abuse their Power?: 51% companies find that negotiating payment terms is becoming
As my introductory post on IChemE sets out, there are some significant limits under the Red Book on the rights of the purchaser to recover losses. What can you do about it? This post considers the purchaser’s remedies. Remedies As the purchaser – either yourself or through the project manager
Are you feeling a little too busy? How about your clients and business partners? Let’s start this year making simple contracts in just 500 words. Simple really does pays off in building trust and creating great relationships. Read the full edition here What can you learn from a contract in
The role of the Project Manager under the Red Book is a balancing act (like any contract administrator). Firstly, they act as agent for the purchaser. The PM has full authority to act on behalf of the purchaser (with a few exceptions) and must act reasonably and in a timely
The IChemE Red Book is a lump sum contract setting out general conditions for the design and building of process plant. This post discusses some of the aspects you need to consider when choosing the Red Book as part of your contract strategy. Introducing the Red Book The Red Book
5000 years ago, most contracts were oral, scratched into clay tablets with a reed or laboriously transcribed onto animal skins or papyrus. In our modern, hyper-connected world – the digital age – you can create a contract in many different ways: Paper-based (hard copy) Electronic (soft copy) Digital (created, signed
Here’s why your contracts can safeguard your business without annoying your clients… ‘Twas the night before signing, when all through the firm Not a creature was stirring, bar jingle ear worms The contracts were laid on the table with care, In hopes contract sign-off soon would be there; The lawyers dreamed
Is it enough to just cc people into emails and hold a few meetings so everyone is informed about progress? Short answer: no. Long answer, read on… Rubbing along together Although there is no overriding duty of good faith under English law (a limited duty appears in some relational contracts),
MF/1 is a balanced contract providing plenty of opportunities for the purchaser to check the performance of the works – through three series of tests – before the contractor is released from liability. It also clearly sets out limits on the contractor’s obligations. Limits on scope If you are acting
What time of year is it? It’s panto time [OH NO IT ISN’T!] As the festive season approaches, let’s keep your grey matter in tip top condition for the New Year with some brainteasers – answers in the next newsletter. Read the full edition here Can terms can conditions affect
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