Musings of a busy mind

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.

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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.

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