Final Account Recovery
Disputes will usually arise in the construction industry after the work has been completed and the parties must agree on the final account, or who is owed what. It is then that claims are made for defects, time, prolongation, loss and expense and variations.
Most of the time, precise mechanisms are written into construction contracts for certifying final accounts and determining claims. However, all too often the parties ignore those mechanisms, putting themselves in a weak position.
Construction law can differ considerably from general contract law and commercial law. The provisions set out in the Housing Grants, Construction and Regeneration Act 1996 and the Scheme for Construction Contracts are fundamental for understanding and resolving final account recovery disputes – though they are just as often overlooked.
Adjudication can bring a final account recovery and construction disputes to a swift and satisfactory end within 28 days. RICS now runs a summary adjudication process for small disputes that can be completed in 14 days. The adjudication process has at its heart the key feature that neither party is able to recover its legal costs, meaning the cost of losing is much lower than if the claim was settled in court or by an arbitrator.
Helix Law regularly act in adjudication cases on a No Win No Fee basis. Our clients take on minimal financial risk and are then able to make the easy commercial decision to pursue the recovery of money they are owed. We offer vital specialist knowledge and experience that construction companies need to quickly recover payment and maximise their final account settlements.
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