This statement perfectly explains why letters of intent are meant to be temporary: The execution of a contract is to be seen not as a mere aspiration but rather as fundamental. It is the contract that defines the rights, duties and remedies of the parties and that regulates their relationships.
What is the long-term impact of transferring all the risk on a construction project to the contractor? In April 2016, defects found in 17 schools in Edinburgh resulted in those schools being closed to pupils. Like design and build, construction management and other procurement strategies, the Private Finance Initiative schemes
Do we hate paperwork so much that we are prepared to start multi-million pound construction projects without a contract? The data The NBS Contracts and Law Survey 2018 (like its predecessors) highlights that roughly 1/3 of projects start without a proper contract being finalised. Like the 2015 survey it found:
As the judge in Twintec v Volkerfitzpatrick said: As with so many things, the simplest solution is often the best When you next write a collateral warranty, construction contract or letter of intent, keep it simple. The survey of contract users reported in the 1995 Latham Report proposed that simple
A letter of intent is a contract to start a construction project in the form of a letter. It may also confirm the sender’s intention to award the contract for the whole project to the recipient – the contractor. The purpose of a letter of intent is two-fold: (1) to
The main problem for writers of letters of intent is that they don’t ask why the parties are using a letter of intent. You may not need a letter of intent at all. What’s your purpose? Is the purpose of your letter to … award the contract for the works
There are three elements to avoiding and minimising disputes when you are using a letter of intent. Stepping stone The first is to recognise that a letter of intent is merely the first stage in the contract negotiation process. A letter of intent is a means to an end not
Is this the shortest letter of intent you’ll ever need? Less than 500 words, although (admittedly) it is both sides of this bookmark! Find out how you can write and use a 500-word letter of intent in my book. You will learn about the four critical contents, how to avoid
Sarah Schutte of Schutte Consulting joined me at a blab debate and discussed whether a letter of intent was better than ‘no contract’. We covered: the requirements for a contract, the critical contents for a workable legally binding letter of intent why bother with a contract, how a letter of
Although there are a number of pitfalls with letters of intent, the key risk is that the full contract is never signed. A letter of intent is used to get the project started quickly, but it is only intended to be a temporary stop-gap. So why don’t the parties get