We use cookies to improve your website experience. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. By continuing to use the website, you consent to our use of cookies. Close

CHAPTER 12 SECURITY FOR PERFORMANCE

Construction Law

CHAPTER 12 SECURITY FOR PERFORMANCE Page 1038 Introduction 12.01 Construction and engineering contracts, and cognate contracts, represent a consensus of promises. The contractor promises that it will perform certain work, and the owner promises that it will pay the contractor for performing that work. Page 1039 Where a party breaks its promise, and fails without proper excuse to do what it promised to do, the innocent party is, in law, entitled to a remedy - usually damages. 1 The adequacy of damages as a remedy for a breach of contract will, however, depend to a large extent on the ability of the innocent party to enforce that remedy against the party in breach. If the party in breach is impecunious, or if the party is difficult to trace or bring an action against, an award of damages (if obtainable at all) may prove to be an empty remedy. 2

The rest of this document is only available to i-law.com online subscribers.

If you are already a subscriber, please enter your details below to log in.

Enter your email address to log in as a user on your corporate account.
Remember me on this computer

Not yet an i-law subscriber?

Devices

Request a trial Find out more