| Abstrakt: |
The collapse of construction contractor ISG, which filed for administration, has raised concerns in the industry. Stakeholders are facing challenges with incomplete contracts and ongoing operations. The article provides insights on limiting exposure for suppliers and developers when contractors go bust, offering strategies such as stop payments, direct payments to subcontractors, termination rights, guarantees, and warranty packages. Lessons from ISG's failure highlight the competitive nature of construction firms and the need for early detection and preparation in the industry. [Extracted from the article] |
