Payment Notices in Construction Contracts - The Act & Scheme Explained
‘Cashflow is the lifeblood of the construction industry’ [The late Lord Denning]
As the rights and responsibilities that come with operating payment provisions in construction contracts are many, getting it wrong can have devastating effects for projects and professional reputations.
The Construction Act together with the Scheme for Construction Contracts, is the backbone for industry as far as payment is concerned and this webinar will outline what you need to know about payment requirements under the Act and where the Scheme will be used in default of a compliant procedure.
The webinar is designed for those who work in the industry with responsibility for commercial, finance and contract administration and those who advise clients on construction contracts.
What You Will Learn
This webinar will cover the following:
- Industry Professionals
- What does the contract require of you?
- The importance of impartiality (case law)
- The Legal Framework:
- The Act
- The Scheme
- Which one applies and when?
- Minimum statutory requirements
- Working through the payment procedure flowchart
- Mapping it into the contract
- Limits of expertise and how to know when to ask for help
- Summary of key takeaways