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Legal Complexities and Commercial Risks - Doc

   

Added on  2020-10-22

4 Pages606 Words279 Views
Construction Project
Legal Complexities and Commercial Risks - Doc_1
Topic 1: Legal complexities and commercial risks associated with the construction project:BackgroundThe regulation which must be considered and adhere while carrying on constructionproject are:Construction design and management) regulation 2015,this regulation coversmanagement of health, safety and welfare of workers and employee while carrying outconstruction projects. This requires planning the work that risk involves can be mange fromstarting till end, have right people for right job. Construction and regeneration act 2011: this actensures that payments are made timely throughout construction supply chain and any dispute ifarises is solved fast (Construction industry scheme, 2018). This lays down terms and conditionswhich must be incorporated in construction contract, such as payment dates must be set out inadvance in contract. Building regulation: these are minimum designing, construction andalteration standards for every building. For this approval of design and construction of buildingmust be taken from building regulation advisory committee. Construction industry scheme:under this contractor deduct money form payment of subcontractor and pass on to HM revenueand customs. This deduction is considered as advances payment of tax and national insurance ofsubcontractor. Commercial risk associated with construction project are- pure and particular risk whichis related with damages to person and property involved in constriction process. Insurance coveragainst this must be taken and mentioned in contract. Another is fundamental risk that includedamages due to war, nuclear pollution and supersonic bangs, governmental policies. Next isSpeculative risk related with assessment and speculating future risk related with losses,uncertainties or natural calamities.Research aim and objectivesAim:to determine Legislations and legal regulation to be comply while carrying onconstruction projectsObjectives:To determine legal procedures and formalities to be fulfilled in construction project. To determine risk related with construction project.
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