Santos Limited v BNP Paribas [2018] QSC 105 Performance securities issued by banks are commonly deployed on construction projects. They are said to be “as good as cash”. If Santos’ recent experience in the Queensland Supreme Court is a guide, that’s not universally the case. The autonomy principle – that the obligations of the bank […]
Publications
“A national industry requires a national approach”
“A national industry requires a national approach” … So says Mr John Murray AM, author of the Commonwealth Review of Security of Payment Laws released this week. Mr Murray’s report comprehensively evaluates cashflow measures, adjudication and protection of payment. Some of the recommendations, if adopted, will create significant change the way that construction contracts operate, […]
The ‘ipso facto’ playbook: It’s time that you update the script
Insolvency reforms and their impact on your future contracts The playbook is familiar to many in construction, development and procurement: Performance drops off, phone calls not returned, subcontractors and suppliers start to walk, voluntary administrators are appointed. A quick call on the performance security, exercise your termination rights, step in and “it’s on with the […]