Contract Law - The credit crunch — will it bite?

What this page is about: Lisa Calderwood of Maxwell Winward considers the impact of the expected downturn in private sector workloads on procurement routes and industry relations. An early sign of real pain will be a rise in disputes, she predicts. Journal: Construction Law (2008) 19 7 Cons.Law 6 1 September 2008

What can be said about the credit crunch that has not been said already? Enough has been reported on falling prices in the property market and issues with bank lending, but what does this actually mean for developers and UK projects as a whole? There are a number of key phenomena.

The hiatus or 'mothballing'

Firstly, the dark shadow of a moratorium has now been cast over projects which already had the 'go ahead' and received board approval. The project and its related financial model and 'crunched numbers' have gone back to the board again for review.

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