Don't get run over by a Special Purpose Vehicle
Series: Construction News ; (6875) 15 July 2004, 26(1)Publication details: 2004Subject(s): Summary: Discusses how although Special Purpose Vehicles (SPV) are usually formed with the best intentions they can leave the contractor vulnerable. SPVs seek to pass as much risk and responsibility for liability on to the contractors as is possible. Warns contractors to be wary of accepting more responsibility than they are able to manage. Suggests contractors investigate the SPV and its backing companies, so they are satisfied with the sources of funding and any reasons for terminating that funding. Could ask for payment guarantees, advance payments and appropriate warranties from the SPV. Recommends contractors pay special attention to the payment obligations on the SPV to reduce the risk of not getting paid.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | ABS68172 (Browse shelf(Opens below)) | 1 | Available | 127172-1001 |
Discusses how although Special Purpose Vehicles (SPV) are usually formed with the best intentions they can leave the contractor vulnerable. SPVs seek to pass as much risk and responsibility for liability on to the contractors as is possible. Warns contractors to be wary of accepting more responsibility than they are able to manage. Suggests contractors investigate the SPV and its backing companies, so they are satisfied with the sources of funding and any reasons for terminating that funding. Could ask for payment guarantees, advance payments and appropriate warranties from the SPV. Recommends contractors pay special attention to the payment obligations on the SPV to reduce the risk of not getting paid.