A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
The contractor must provide a bond to cover the cost of the advance payment so that, if for any reason the work is not done or the contractor does not otherwise repay the payment, the provider of the bond (known as the Surety) will reimburse the employer. At the same time, the contractor must agree to repay the advance payment to the employer in instalments spread over the first months of the contract period. Some of the more elaborate building contracts make provision for advance payment and include a sample bond suitable for the contractor to use. But building contracts for smaller Works rarely include that kind of provision and there is no alternative for the employer but to seek legal advice to draw up the bond and the repayment agreement all to be signed and provided together with the signature on the building contract itself.
The contractor must provide a bond to cover the cost of the advance payment so that, if for any reason the work is not done or the contractor does not otherwise repay the payment, the provider of the bond (known as the Surety) will reimburse the employer. At the same time, the contractor must agree to repay the advance payment to the employer in instalments spread over the first months of the contract period. Some of the more elaborate building contracts make provision for advance payment and include a sample bond suitable for the contractor to use. But building contracts for smaller Works rarely include that kind of provision and there is no alternative for the employer but to seek legal advice to draw up the bond and the repayment agreement all to be signed and provided together with the signature on the building contract itself.
Advance Payment
Chappell, David (author)
2020-01-07
3 pages
Article/Chapter (Book)
Electronic Resource
English
| Emerald Group Publishing | 2023
| Taylor & Francis Verlag | 1977
| Wiley | 2020
| Wiley | 2003