The "pay when paid" issue has troubled the construction industry for many years. It refers to payment terms contained in a sub-contract, which typically provide that the main contractor shall pay the sub-contractor a certain period of time after the main contractor has received payment from the employer. The controversy is whether the phrase should be construed as creating a condition precedent to the main contractor's liability to the sub-contractor ...
In our Autumn update, we start with a nature theme by looking at problems caused by tree roots and Japanese knotweed. We also round up news on business rates and the new CRAR regime and then finish with a stark reminder about the perils of remaining in occupation once a lease has ended ...
A recent decision by the English High Court emphasises the limited scope of the duties on facility agents arising from standard facility terms. The role of facility agents in these circumstances has been found to be “solely mechanical and administrative” in nature. A link to the full text of the decision can be accessed here ...
A Report into effective approaches to audit committee reporting has been published by the Financial Reporting Lab, which is a forum set up by the Financial Reporting Council (FRC) to encourage better communication between listed companies and investors in the UK. The aim of the Report is to provide insight from companies and investors on effective approaches to audit committee reporting ...
Whilst adding some clarity, the case doesn't make a "no MAC in financial condition" representation any easier for a lender to rely upon.MAC in loan agreementsMAC definitions come in many forms but generally refer to changes which have an adverse effect either on the borrower's business generally, its financial condition, and/or the ability of the lender to call on its security ...
Invoice financing includes factoring, invoice discounting and asset-based lending. It can be accessed by the SME and corporate market to unlock the value of unpaid debts and assets of a business, such as stock, plant and machinery.This type of financing has distinct advantages. In invoice discounting, funders may be able to offer up to 85% of the value of unpaid debts well before that debt is due to be paid. This dramatically reduces the credit cycle, getting cash back into the business sooner ...
The case arose out of the construction of a petrochemicals plant in the north east of England. The parties entered into an engineering procurement construction (EPC) contract for delivery of the plant.The purchaser, Sabic UK, considered that the contractor, Simon Carves, was not proceeding with due diligence as required by the EPC contract.Having issued a warning notice under the contract, Sabic terminated the contractor's employment ...
FCA clarifies applications timetable The transitional period for the implementation of AIFMD in the UK ends on 22 July 2014 and existing alternative investment fund managers' (AIFMs) must hold the correct Part 4A permission by that date ...
In the innovativeness of its economy, Poland ranks 4th from last in the European Union, but greater support is planned for highly innovative projects that show promise for implementation and commercialisation in Poland. At a session of the Polish Parliament’s Innovation and New Technology Committee on 19 June 2013, the Ministry of Regional Development presented the guidelines for operational programmes Smart Growth 2014–2020 and IT & Telecommunications 2014–2020 ...
The Turks and Caicos Islands (TCI) has just enacted a revamped investor residency programme, entitling successful applicants to a permanent residence certificate (PRC). Qualifying criteriaThe qualifying criteria are:- Villasa. Investment of not less than $300,000 in actual construction of a new home, or in renovation of a distressed property as a home for the applicant and his or her dependants, on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos; orb ...
Introduction A collateral warranty can be a construction contract and therefore subject to the right to refer disputes to adjudication, according to a recent decision by the Technology and Construction Court in Parkwood Leisure Limited v Laing O’Rourke Wales and West Limited [2013] EWHC 2665 ...
Trusts and Private Foundations often serve the same purposes. One transfers goods (money, real estate, shares, etc.) to an Private Foundation or trustee to be managed for the benefit of one or more others. Those “others” can be the ones who have transferred the goods to the trustee or the Private Foundation, but not necessarily so ...
Denmark has a large life science sector, including a number of biotech and pharmaceutical companies and research activities. The sector is highly regulated and covered by extensive and complicated statutory requirements, executive orders and ethical standards. Denmark has incorporated most of the EU regulation and Danish law is thus to a large extent in conformity with the general EU regulation and practice of, for example, the European Medicines Agency (‘EMA’) ...
A creditor affected by asset-stripping by a debtor doesn’t have to remain a passive victim of dishonesty. Creditors have probably had trouble since time immemorial with dishonest debtors—ones who deliberately and unlawfully attempt to escape from their obligations ...
On July 24, 2013 the First Circuit Court of Appeals, applying an “investment plus” test, concluded that a Sun Capital private equity investment fund was engaged in a “trade or business” for purposes of determining whether the fund could be jointly and severally liable under ERISA for the unfunded pension withdrawal liability of the portfolio company ...
On 13 June 2013, the Supreme Court of the United States handed down its unanimous decision in the ongoing case of Association for Molecular Pathology et al v Myriad Genetics, Inc. et al 12-398, 569 US __ (2013). This case is the first brought in the US directly challenging the patentability of human genes and for that reason is extremely important to any entity involved in the biotechnology industry which relies on human genetics research as part of innovation strategy ...
The Technology and Construction Court (“TCC”) decision in National Museums and Galleries on Merseyside (Trustees of) v AEW Architects and Designers Ltd [2013] EWHC 2403 (TCC) was published last month. In his decision, Mr Justice Akenhead shows much pragmatism in assessing the heads of quantum put forward by the Claimant, which some may view as particularly widely casted ...
One way to change the law fast is to amend or repeal statutes in budget legislation. That is what the federal government of Canadadid in 2009, 2010 and 2011. Federal programs, staff positions and budgets for environmental science, conservation and protection have been eliminated. That leaves a lot of responsibility with the provinces and territories, and many open questions for industry. This article describes what has happened and identifies what to look out for ...
The Financial Services Commission (“FSC”) which was established on April 1, 2011 under the Financial Services Commission Act, 2010-21 (the “Act”) has been mandated to, amongst other things, supervise and regulate the operations of the financial services sector other than the banking services ...
Translation of the FAQ on the New Foreign Exchange Rules:What currency should be used to pay the salaries of employees in angola?The salaries of employees who are foreign exchange residents in Angola, irrespective of the sector of activity, must be paid in Kwanzas, the national currency. When Will i start to receive my salary in KWanzas?As of 1 July 2013, in accordance with the implementation calendar of Law 2/12 of 13 January, defined by Order no ...
Banks are classified into universal banks, commercial banks, thrift banks (composed of savings and mortgage banks, stock savings, loan associations and private development banks), rural banks, cooperative banks, and Islamic banks. The General Banking Law governs primarily universal and commercial banks, as well as cooperative banks ...
The financial services sector tends to define “high-net-worth individual” (HNWI) asan individual or a family possessing substantial amount of investable funds. There is no generally accepted prefixed denominationof the size of wealth that an individual must possess in order to fall within this category. However, high net worth is commonly used in terms of liquid assets exceeding a certain amount while precise figures differ by financial institution and region ...
2012 was a challenging year for Australia's loan markets. Australian loan markets were affected by continued uncertainty in global markets due to concerns over the Eurozone, the slowdown in China, a weak recovery in the US and, towards the end of the year, concerns around the US "fiscal cliff". Locally, there has been a lack of confidence among corporates, resulting in sluggish M&A activity. Certain sectors of the economy remained relatively soft, such as the retail sector ...
