Guarantees - Revision history

Editor at 16:27, 22 September 2021

2021-09-22T16:27:04Z

← Older revision		Revision as of 16:27, 22 September 2021
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	* Collateral warranties.		* Collateral warranties.
	* Comfort letter.		* Comfort letter.
		+	* Consumer Protection from Unfair Trading Regulations 2008 CPRs.
	* Defects.		* Defects.
	* Duty.		* Duty.

Designing Buildings at 06:14, 29 September 2020

2020-09-29T06:14:06Z

← Older revision		Revision as of 06:14, 29 September 2020
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	* Warranty.		* Warranty.

−	[[Category:~~Other_legislation~~]] [[Category:~~DCN_Legislation~~]] [[Category:Contracts_/_payment]] [[Category:Procurement]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Other_legislation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]

Designing Buildings at 16:33, 10 February 2020

2020-02-10T16:33:28Z

← Older revision		Revision as of 16:33, 10 February 2020
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	* Parent company guarantee.		* Parent company guarantee.
	* Performance bond.		* Performance bond.
		+	* Professional consultant's certificate.
	* Warranty.		* Warranty.

−	[[Category:Other_legislation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]	+	[[Category:Other_legislation]] [[Category:DCN_Legislation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]

Editor at 15:51, 1 October 2018

2018-10-01T15:51:44Z

← Older revision		Revision as of 15:51, 1 October 2018
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	See Insurance for more information.		See Insurance for more information.

−	~~= Find out more =~~	+	= Related articles on Designing Buildings Wiki =
−		+
−	=== Related articles on Designing Buildings Wiki ===	+

	* Advance payment bond.		* Advance payment bond.
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	* Comfort letter.		* Comfort letter.
	* Defects.		* Defects.
		+	* Duty.
	* Insurance.		* Insurance.
	* Latent defects.		* Latent defects.

Editor at 13:31, 19 January 2018

2018-01-19T13:31:59Z

← Older revision		Revision as of 13:31, 19 January 2018
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	Secondary obligation instruments normally comprise guarantees, including parent company guarantees (PCG), or conditional bonds and the bondsman is only liable where a breach of contract has occurred, for example, the contractor is in breach of contract. Contractors are more likely to provide such forms of security than the on-demand variety.		Secondary obligation instruments normally comprise guarantees, including parent company guarantees (PCG), or conditional bonds and the bondsman is only liable where a breach of contract has occurred, for example, the contractor is in breach of contract. Contractors are more likely to provide such forms of security than the on-demand variety.

−	Guarantees must be in writing to be enforceable. However, It is important to recognise that the fact an agreement is described as a bond or guarantee does not necessarily mean that is what it is in legal terms. It is the content of the document that is key and so It is essential that a guarantee is clear and unambiguous.	+	Guarantees must be in writing to be enforceable. However, it is important to recognise that the fact an agreement is described as a bond or guarantee does not necessarily mean that is what it is in legal terms. It is the content of the document that is key and so It is essential that a guarantee is clear and unambiguous.

	In construction projects, it is common for there to be variations to the works during the course of a contract. Whilst these are generally permitted by the contract without discharging the guarantor from their liability, if variations are significant, it can be wise to seek consent for the variation from the bondsman.		In construction projects, it is common for there to be variations to the works during the course of a contract. Whilst these are generally permitted by the contract without discharging the guarantor from their liability, if variations are significant, it can be wise to seek consent for the variation from the bondsman.
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	A guarantee offered to a consumer is a ‘promise’ that problems with a product or service that occur within a specified period of time will be rectified. Typically guarantees are not paid for. A warranty on the other hand (or an ‘extended guarantee’) generally is paid for and is similar to an insurance policy.		A guarantee offered to a consumer is a ‘promise’ that problems with a product or service that occur within a specified period of time will be rectified. Typically guarantees are not paid for. A warranty on the other hand (or an ‘extended guarantee’) generally is paid for and is similar to an insurance policy.

−	Guarantees for domestic work given by suppliers as part of their standard terms and conditions can prove to be meaningless unless they are backed by a third party (such as an insurer), as the supplier can simply cease trading and so evade their liability (particularly where the guarantee is for a long period, or where a potential claim is very large). This is common, for example with the guarantee of damp-proofing works for 20 years or more.	+	Guarantees for domestic work given by suppliers as part of their standard terms and conditions can prove to be meaningless unless they are backed by a third party (such as an insurer), as the supplier can simply cease trading and so evade their liability (particularly where the guarantee is for a long period, or where a potential claim is very large). This is common, for example, with the guarantee of damp-proofing works for 20 years or more.

	= Parent company guarantees =		= Parent company guarantees =
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	* Breach of contract.		* Breach of contract.
	* Collateral warranties.		* Collateral warranties.
		+	* Comfort letter.
	* Defects.		* Defects.
	* Insurance.		* Insurance.

Editor at 15:23, 12 December 2017

2017-12-12T15:23:36Z

← Older revision		Revision as of 15:23, 12 December 2017
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	* Parent company guarantee.		* Parent company guarantee.
	* Performance bond.		* Performance bond.
		+	* Warranty.

	[[Category:Other_legislation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]		[[Category:Other_legislation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]

Designing Buildings at 12:07, 29 January 2016

2016-01-29T12:07:18Z

← Older revision		Revision as of 12:07, 29 January 2016
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	= Insurance =		= Insurance =

−	Insurance provides third-party protection against risks. Risks on construction projects can be significant, and so insurance is very common, providing protection both for ~~both~~ the insured, and for the party to whom the insured has a liability.	+	Insurance provides third-party protection against risks. Risks on construction projects can be significant, and so insurance is very common, providing protection both for the insured, and for the party to whom the insured has a liability.

	See Insurance for more information.		See Insurance for more information.

Designing Buildings at 11:50, 14 December 2015

2015-12-14T11:50:01Z

← Older revision		Revision as of 11:50, 14 December 2015
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	* Breach of contract.		* Breach of contract.
	* Collateral warranties.		* Collateral warranties.
−	* Construction contract.
−	* Contractor.
	* Defects.		* Defects.
	* Insurance.		* Insurance.
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	* Parent company guarantee.		* Parent company guarantee.
	* Performance bond.		* Performance bond.
−	* Professional indemnity insurance.
−	* Tender documentation.

	[[Category:Other_legislation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]		[[Category:Other_legislation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]

Designing Buildings at 11:47, 14 December 2015

2015-12-14T11:47:42Z

← Older revision		Revision as of 11:47, 14 December 2015
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	* Bonds.		* Bonds.
	* Bonds v guarantees.		* Bonds v guarantees.
		+	* Breach of contract.
	* Collateral warranties.		* Collateral warranties.
	* Construction contract.		* Construction contract.
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	* Professional indemnity insurance.		* Professional indemnity insurance.
	* Tender documentation.		* Tender documentation.
−
−

	[[Category:Other_legislation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]		[[Category:Other_legislation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]

Designing Buildings: moved Guarantee to Guarantees

2015-12-14T11:46:21Z

moved Guarantee to Guarantees

← Older revision

Revision as of 11:46, 14 December 2015