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A contract is a legally binding promise (oral or in writing) by one person to fulfil an obligation to another person in return for consideration. A binding contract comprises four elements: offer, acceptance, consideration and intention to create legal relations.
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Drafting a building contract/schedule of amendments—checklist Once the procurement route and form of building contract has been selected (see Practice Note: Choosing the right procurement method—construction projects) the employer should consider the following matters and incorporate the appropriate drafting in the building contract particulars and schedule of amendments. This Checklist assumes that the parties are using a standard form of building contract, such as a JCT form, and that the employer is proposing the first draft including the completed contract particulars and a schedule of amendments, which amends the standard terms. This list is not exhaustive, however, and there may be other project specific matters/risks that need to be taken into account: Contractual matters • Carry out due diligence on the contractor The employer needs to carry out due diligence on the contractor at the outset to determine whether its financial position is acceptable. Confirm the contractor’s company number and name at Companies House. • Obtain consultants’ details Confirm the full details of the consultants engaged by the employer; some...
Option agreements—acting for the buyer—checklist Call or put option? In a 'call' option the buyer will have control in that it may call for a transfer of the property. A 'put' option gives the seller control in that it can require the buyer to take a transfer of the property and therefore the buyer should be especially vigilant in ensuring that the terms for the transfer (particularly those relating to valuation and, if appropriate, insurance) are as favourable as possible. Seller's charges If the property is already mortgaged at the date of grant of the option agreement, there is a risk that the mortgagee may overreach the option by exercising its power of sale. Therefore ensure that the mortgagee either: • joins into the agreement (this is rare in practice), or • provides written consent to the granting of the option In either case, the mortgagee should confirm that if the buyer exercises the option it will acquire the property free from the charge or, if the mortgagee...
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Extension of time claim process in JCT SBC 2011—flowchart
FIDIC Contracts 2017 (Red and Yellow Books) Disputes (clause 21)—Flowchart This flowchart sets out the process for resolving disputes under clause 21 of the FIDIC Red and Yellow Books 2017. Under the FIDIC Red and Yellow Books 2017 a Dispute arises where: • one Party has made a Claim, or there has been a matter to be agreed or determined under clause 3.5 [Agreement of Determination]; the Engineer’s determination of that claim or a Party’s assertions was a rejection or deemed rejection in whole or in part; and a Notice of Dissatisfaction (NOD) has been given by either Party under Sub-Clause 3.7.5 [Dissatisfaction with Engineer’s determination] (clause 1.1.29) • the Engineer fails to issue the relevant Payment Certificate within 56 days after receiving a Statement
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This Practice Note considers the specific situations where a contract is required by law to be in writing: assignments, contracts for the sale of land, equitable mortgages, assents, transfers of shares, transfers of intellectual property rights, and guarantees.When a written contract is beneficial or a necessityContracts can be formed in one of three ways:•orally•by conduct, or•‘under hand’ (in writing)For more information on contract formation, see: Formation and interpretation—overview.Simple contracts are created in any of the above manners in ‘simple form’, whereas deeds must be executed in ‘solemn form’. See Practice Notes: Deeds and Executing documents—deeds and simple contracts.There are certain situations when a written contract is required by law or is necessary to satisfy registration requirements. Contracts are required by statute to be made or evidenced in writing for:•assignments•contracts for the sale or other dispositions of an interest in land (as opposed to the actual conveyance, which must be by deed)•dispositions of an equitable interest or trust•assents•transfers of shares•transfers of intellectual property rights•guarantees‘Writing’ is defined in schedule 1 to the...
This Practice Note describes the structure and form of a business to business commercial contract or agreement. It outlines the form which commercial agreements generally take and explains what information should be included in the contract document, including in the parties, background (or recitals), main body, schedules and attestation sections.Form of commercial contractsHow a contract is formedA contract is a legally binding agreement that grants rights and creates duties between two or more parties. Contract law principles provide that for a contract to exist, four key elements must be present:•offer (see Practice Note: Forming enforceable contracts—offer)•acceptance (see Practice Note: Forming enforceable contracts—acceptance)•consideration (see Practice Note: Forming enforceable contracts—consideration), and•an intention to create legal relations (see Practice Note: Forming enforceable contracts—intention to create legal relations)Simple contracts v deedsSimple contracts may be created orally, by conduct or in writing.Certain types of simple contracts however must be created in writing. For details, see Practice Note: Contracts required to be in writing.Some agreements require greater formality and must be executed by deed. A deed...
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Adjudication 1 Any dispute or difference arising under or in connection with this [agreement OR Contract] may be referred to an adjudicator appointed at the request of either party by the [Insert details of nominating body, for example the Technology and Construction Solicitors‘
[Access 1 [The Contractor acknowledges that the Employer, Funders, Purchasers, Tenants, Other Interested Third Parties and/or persons employe
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In the context of understanding whether or not permission is needed to serve debt proceedings on a company based in Jersey where there is an express jurisdictional clause in the contract submitting to the English courts, could Regulation (EU) 1215/2012, Brussels I (recast) apply? This Q&A considers the relevance of Regulation (EU) 1215/2012, Brussels I (recast) when considering whether permission is required to serve out of the jurisdiction. What is the relevance of Regulation (EU) 1215/2012 (Brussels I (recast)) when considering whether permission is required to serve out of the jurisdiction? Permission is not required to serve a claim form out of the jurisdiction where the factors in CPR 6.32 or CPR 6.33 are satisfied (note that CPR 6.32 is not relevant in this instance as it only applies to Scotland and Northern Ireland). CPR 6.33 sets out various scenarios where the permission of the court is not required to serve out of the UK. These include (at CPR 6.33(2)) reference to various provisions of Regulation (EU) 1215/2012 (Brussels I...
Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: • a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person • a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom • a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...
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The European Commission has published the June 2025 infringement package, which sets out the EU Member States the Commission is taking action against for failing to comply with their obligations under EU law. The June 2025 infringement includes formal notice letters, reasoned opinions, and Court of Justice referrals issued to various Member States for non-compliance in relation to measures such as the transposition of directives on drinking water, waste management, air quality, public procurement, and other key areas.
Arbitration analysis: P.R.I.M.E. Finance (the Hague-based Panel of Recognised International Market Experts in Finance) returned to the Netherlands and held its first Amsterdam conference at the headquarters of De Nederlandsche Bank (Dutch Central Bank) on 16 May 2025. Conference report written by Deannie Yap, manager and senior legal office P.R.I.M.E. Finance Secretariat.
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