There is growing acceptance across the construction industry, particularly among financiers and owners, that payments need to flow down the contract chain to those actually doing the work. This has seen a growth in construction contracts requiring head contractors to prove payment of their subcontractors, if cashflow is to continue; and in financiers also requiring proof of such payment. Similarly, head contractors are seeking direct payment obligations from project financiers to protect themselves against developer default.
Musings of a busy mind
The Senior Courts (High Court Commercial Panel) Order 2017 received Royal Assent on 7 August 2017. Clause 5 authorises the Chief High Court Judge to assign panel judges to deal with specialist commercial disputes and applications under the Arbitration Act 1996 where the sum at issue is not less than $2 million.
Following the success of Team New Zealand’s America’s Cup challenge in Bermuda last month, there has been rather a lot of comment in the press over where the next Cup defence should be held, what will be needed, and who will pay for it. Back in 1995, we were confronted with the same questions. The erstwhile Auckland Regional Services Trust came to the rescue, and Auckland’s Viaduct Basin has seen the benefit since.