How to Protect your Bonds and Bank Guarantees
Join Murray Thornhill, Director, Colin Thorpe and other members of the litigation team, as we provide tips and examine traps when dealing with Bank Security Clauses and provide an update on trends in building contracts disputes.
Bonds can protect both parties in construction. They also tend to be the centre of a lot of disputes. Since the GFC, getting Insurance Bond facilities or Bank Guarantees has become harder. If you’re lucky enough to get one it can only take one incident of a Principal calling on a bond to cause irreparable harm and leave a contractor unable to tender for work. Conversely, if the Principal gets it wrong, it isn’t just the amount of the Bond they might need to refund. The damage to the contractor can be as drastic as loss of profits from future jobs because its Bond facility was cancelled. Principals need to be very careful about calling on bonds. Likewise contractors need to be willing to fight early and fight hard if it looks like a bond is gong to be drawn upon without proper cause.
We hope you can join us for what promises to be an interesting discussion about your rights and obligations and a few tricks that will help you avoid disaster in relation to a Bond dispute.
|Date:||Monday, 13 May 2013|
|Time:||12.00 pm (for a 12.15 pm start) to 1.15 pm|
|Where:||HHG Legal Group Level 1, 16 Parliament Place West Perth WA 6005|
|Catering:||Light refreshments provided Please advise of any special dietary requirements.|
Register Now as places are limited.