Monthly Archives: September 2012
Monday, September 10th, 2012
The UK is probably 8 – 12 years behind USA experience with outsourced contracts. It has been evident for some time that in-sourcing was taking place at an increasing pace, particularly with IT contracts. Unsurprisingly, the public sector has had mixed experiences with outsourced contracts for a wide variety of services. The UNISON bargaining web-site […]
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Friday, September 7th, 2012
BID (TENDER) BONDS This is a debt secured by a bidder for a construction project or other large ‘project’ on a tender based selection process for providing a guarantee to the potential client that the bidder will take on the contract if selected. If they decline to accept the contract the bond is forfeited, unless […]
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Thursday, September 6th, 2012
Parent Company Guarantees A parent company guarantee (PCG) is a promise to answer a liability being a debt or default of another ….. in construction terms the parent company will be answering the debt or default of a contractor, noting that PCG’s are used in a variety of procurement situations, including outsourcing contracts. The essential […]
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Wednesday, September 5th, 2012
Conditional bond A conditional bond is common within the UK construction industry. Such a bond is usually issued by an insurance company, and payment is usually conditional upon the employer who makes the call providing the amount of loss which he has suffered. In practice, therefore, a conditional bond may require litigation before any payment […]
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Tuesday, September 4th, 2012
On-Demand Bond An on-demand bond is also referred to as an Unconditional Bond. Contractor’s performance bonds come in two basic varieties to meet the needs of different project owners. An on-demand bond results in an automatic cash payment if the contractor fails to complete the project. With a conditional performance bond the burden of proof […]
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Monday, September 3rd, 2012
Interserve achieves gold in world’s first standard for sustainable procurement. Interserve, the international support services and construction group, has been successfully assessed by Brian Farrington Ltd, using proprietary metrics of evaluation against BS 8903:2010, the world’s first standard for sustainable procurement. The Support Services procurement team was awarded the BFL Gold Standard with an overall […]
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Monday, September 3rd, 2012
The complex world of Bonds – a business briefing. The word ‘Bond’ is regularly used in procurement, often with regard to construction projects or capital equipment procurement. In order to apply, and include Bonds effectively in contracts, requires specialist knowledge, particularly, but not exclusively, by procurement. We are dedicating this whole week of Risk briefing […]
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