Performance security is a prominent feature of construction projects and is used as a means of protection for the Employer against the non-performance of the Contractor. The advantage to the beneficiary of the bond (i.e. the Employer) is that a third party surety (often an insurance company or bank/funding institution) agrees to fulfil
The construction sector has welcomed the easing of COVID-19 restrictions since April as sites have fully re-opened across the country. However, despite the surge in activity, the industry now faces new problems in the form of price inflation.
The Irish Times reported in April that the price of materials has been increasing from between 5%
The significant shortage of houses in Ireland has been well publicised in recent years and indeed was one of the driving forces behind the ‘Rebuilding Ireland Action Plan for Housing and Homelessness’ and the more recent ‘Project 2040 National Planning Framework’.
One of the five central aims of the Rebuilding Ireland Action Plan is increasing
The Irish construction professional indemnity (PI) insurance market has been noticeably hardening in recent years. Having enjoyed quite a lengthy period of relatively stable market conditions, it is our experience that many insurance companies are now tightening their policy terms, increasing premiums and overall are seemingly more reluctant to underwrite the same level