Spoilt for choice
Garthwaite, Helen
Spoilt for choice - 2005 - Building 270(38) 23 September 2005, 78(1) .
The JCT's design and build form includes third-party rights schedules which are intended to replace collateral warranties. This article points out some potential problems for any developer intending to use the new schedules, in particular ensuring that sub-contractors and members of the project team are also prepared to use them, and that all relevant third parties are included. It also advises on some potential difficulties for those using collateral warranties, such as the obligation to give written notice of them to the contractor. It also points out that, at present, lenders, purchasers and tenants regard such warranties with favour, on the basis that they are tangible documents which can be assigned in the future.
JCT STANDARD FORM OF BUILDING CONTRACT 2005 EDITION
Spoilt for choice - 2005 - Building 270(38) 23 September 2005, 78(1) .
The JCT's design and build form includes third-party rights schedules which are intended to replace collateral warranties. This article points out some potential problems for any developer intending to use the new schedules, in particular ensuring that sub-contractors and members of the project team are also prepared to use them, and that all relevant third parties are included. It also advises on some potential difficulties for those using collateral warranties, such as the obligation to give written notice of them to the contractor. It also points out that, at present, lenders, purchasers and tenants regard such warranties with favour, on the basis that they are tangible documents which can be assigned in the future.
JCT STANDARD FORM OF BUILDING CONTRACT 2005 EDITION