Скачать или смотреть 3 ways of controlling costs and quality which builders won’t tell you

1. Liquidated damages

In construction contracts, liquidated damages (LADs) are a pre-agreed sum payable by a contractor to the Client for a breach of contract, specifically for delays in project completion, without the client needing to prove actual loss. This is usually stipulated in the contract, a weekly amount as a fixed fee. So if £250 is agreed per week, they run over 2 weeks, they owe you £500 (note this is only if it is 100% the builder's fault the delay, not yours). If the client causes the delay this is not claimable! This is about being fair on both sides not a vehicle to get money out of the contractor!


2. Retention money


In construction, "retention money" or "retentions" refers to a portion of the contract price (typically 5%) withheld from a contractor each month until the project is completed and any defects are rectified, serving as a financial security for the client 2.5% is released at practical completion to the contractor and then the remaining 2.5% once the defects liability period has finished and all works are done correctly.

Retention money incentivizes contractors to complete the project to the agreed-upon standards and address any defects within the defects liability period.

3. Get a construction contract in place

JCT or RIBA Homeowner or Minor works contracts we would recommend on an extension or self build project

#homeextension #homeextensions
#propertymanagement #propertydevelopment #propertydevelopers #newhomeideas #newhome #home #house #houserenovation #architect #architecturestudent #architecttalk #permitteddevelopment #housing #constructionlife #housingmarket #planningpermission #homeextension #home #homedecor #house #houserenovation #interiordesign #architecture #architecttalk