Legislation

Understanding The Basics of Contract Law

Contract law can be a tricky field to navigate. It can only take one small misunderstanding of a statement made for serious problems to occur. Fortunately it can be made much more simple to digest by understanding a few basic concepts.

All businesses deal with contracts, These are legally binding agreements that are enforced and governed by law. Contract law itself governs a wide range of agreements, this includes:

  • Business contracts
  • Employment contracts
  • Service contracts
  • Contracts concerning the sale of goods
  • Real estate contracts
  • Contract law also governs any disagreements, illegal or voidable contracts and drafting documents related to contractual agreements.

When dealing with any contracts it’s important to have a good understanding of the legal document, as well as any related risks or liabilities before signing them. A contract lawyer can be help in understanding and analysing any agreements before they are made.

 

An Overview Of Heritage Law In The UK

While the UK is a small country compared to most, no less does it bear the marks of its predecessors. These areas of the surroundings which display past interaction between people and places are called the historic environment.

The historic environment includes many areas which have been considered important to society, and are protected by law. These are called heritage assets and make up the parts of the historic environment that is considered of great value.

Laws offers protection for heritage assets, and these laws have developed over the years. They help define what exactly makes a heritage asset, why it is valued and worthy of protection. These laws refer to various architectural, historic, artistic, traditional and archaeological interests, including the character that derives from those attributes.

Terms such as ‘significance’, are defined and encompass many different interests that may be worthy of the designation of a heritage asset. These interests may be archaeological, architectural, artistic or historic.

 

Why Conveyancing Checks Are Important

Conveyancing is the transfer of a legal title from one person to another. Usually carried out by a lawyer, conveyancing is a process used commonly when properties are bought and sold.

During a conveyancing process there are a variety of different checks that have to be done for the process to be a legal transfer.  These checks are important because, they involve making sure that the site is occupied legally, that the property isn’t threatened by any redevelopments in the area or that the property isn’t subject to a compulsory purchase order. All of which are important for people who want their new property purchase to be a legal one.

The Government has plans to introduce online conveyancing which will involve the online registration of land. This will ultimately dispose of the necessity for lengthy background searches and make purchasing property much easier and more secure for the buyer.

The Parties Needed To Finance A Large Construction Project

Large construction projects have equally large overheads. When it comes to financing these projects, there can be several parties involved in accumulating the required funding. This post looks at some of the main parties needed to finance a project of this scale.

Private sector partner

A private sector partner is often a corporation or a limited partnership created for the sole purpose of the particular project. This party is at the centre of all contracts, borrowings and the construction and operation of the project.

Project sponsor

A project sponsor is someone who takes on the role of managing the project. The project sponsor owns the project and will receive profit, either as a result of the ownership or via management contracts, if the project succeeds. The project sponsor often has to cover certain liabilities or risks of the project by providing guarantees or by entering into management or service agreements.

Project Financing – The Project Agreement

For any financial project to get off the ground, a project agreement is required. The project agreement document establishes the structure of the associations that are set to work on the relevant project.

The project agreement specifically governs the relationship, rights and obligations between the public authority and the company working on the project that is to be financed, throughout the entire term of the project. It can also be called a concession agreement.

In early PFI projects, it was common to have separate agreements for different phases of the project, such as a development agreement for the design and construction phase and an operating or facilities management agreement for the operating phase. However, it is now more common to have a single project agreement covering all aspects of the project.

In this way, the public authority grants a licence to the company working on the project. This would occur where no property interest could be granted or would be needed.