Due to the risks and large sums of money involved in many construction contracts, most parties want and need to have some form of security in place in relation to their project. This often takes the form of a bond or guarantee. For an employer or contractor the assurance of a bank or similar body standing behind the other contracting party is an essential element in the project. For this reason considerable care and thought is therefore required in the drafting of such instruments and, robust and urgent action may be required to enforce, or where appropriate, to resist the enforcement of such bonds and guarantees.
Members of Keating Chambers have considerable experience in drafting, advising and providing representation for their clients in respect of security, by way of example:
- Acting for a contractor on a prison project in obtaining an injunction preventing a surety from paying out and preventing the beneficiary from receiving or dealing with the proceeds of a bond.
- Advising on the appropriate terms of a bond for an office development project in London Docklands.
- Advising on the appropriate calls to be made on bonds provided by a contractor for a large power station project in the Far East.
- Advising a contractor on its ability to prevent and preventing payment on a bond on an infrastructure project in the Far East.
Further Information
For further information on how our members can assist you, please contact the Director of Clerking,
Paul Cooklin or Senior Clerk,
Nick Child in the first instance on +44 20 7544 2600. The teams of Clerks will be pleased to advise you on the member of Keating Chambers appropriate to your requirements.