Ensuring contractor performance in construction projects
Myerson have made a short video guide regarding the options for performance security for construction projects in the UK.
Our construction department goes over the importance of performance security being a critical requirement to provide protection against the default and potential insolvency of the contractor.
What is covered?
We discusses the options that are available to an employer in construction projects to ensure that they are protected against the default and potential insolvency of a contractor.
The points to be mentioned are:
- The option of retention.
- Another option is to make use of Bonds.
- Parent Company Guarantee.
We also mention how the options can be implemented and explains how each one functions if it is chosen, based on the given situation of the employer who is using a contractors' services. The options mentioned help to provide better guidance as to the actions employers can take to ensure the performance security on construction projects they are involved with in the future.
Here to help
Myerson’s specialist construction team are available to provide more regarding any construction projects you may be involved with. Please call Myerson’s Construction team on 0161 941 4000 or contact us via email.