Understanding the complexities of the different forms of performance securities which may be utilised on construction projects big and small can be a challenge for consultants. Yet release of the contractor’s security is a major pressure point in a contract administration role, and a minority of clients now ask consultants to provide security of their own. The current environment, when cashflow is of such critical concern, gives this matter heightened importance.
Join us for our next informed by Planned Cover webinar where Nathan Abbott, Colin Biggers & Paisley Lawyers will consider the advantages and disadvantages of the most common forms of performance security, such as bank guarantees, bonds and cash retentions, as well as director guarantees. Topics to be covered during the webinar include:
• the purpose of security
• the different forms of performance security
• what to consider when selecting a security
• how to call on security